Comval bids as major player for investments in Davao Region

NABUNTURAN, Compostela Valley (May 7)  – With the enactment of the Compostela Valley Investments and Incentives Code in 2013, this province is flexing its muscle to become a major investments player in Davao region.

 Known as a land of gold, Compostela Valley maintains an estimated reserve of 181,745 metric tons. In 2007 alone, the province’s gold production totaled more than 166 kilograms worth PhP179 million nailing further its reputation as the top producer of the precious metal in Davao region and Mindanao.

  “Except for gold, there is so much about Comval that is unknown to many people, particularly potential investors in Mindanao or Luzon … and we hope to change that,” Governor Arturo Uy said.

 The province, which is buffeted by Caraga Region in the north, Davao Oriental in the east, and  Davao gulf in the south, is also a major producer of some fruits.

 “In fact Compostela Valley is also the top producer of rubber, banana, rambutan, lanzones, sweet potato, eggplant, yam, and ginger in the region and second in the production of durian, calamansi, mangosteen, pineapple, carrots, cassava, chayote, peanut, pepper, and tomato production. Change will be a gradual process like a baby learning to take its first step,” Uy said.

 The major processes would include strengthening the newly created provincial investments centre’s databank, firming up its operational system, and learning from the experiences and best practices of leading investments centres.

 “The direction of the province is to develop a business-friendly environment to encourage the entry of new enterprises and investors that will provide job opportunities and spur economic activities in communities. The ball is now on the side of our investment centre with the full support of my office,” the governor clarified.

 Last May 5-6, a team from the investments centres of the province and four municipalities in the province with investments codes, visited Davao del Sur, Sta.  Cruz town in the same province, and Davao City to study and learn from their experiences.

 And on May 12-15, the Provincial Government of Compostela Valley in cooperation with the provincial offices of the Department of Trade and Industry (DTI) and the Department of the Interior and Local Government (DILG) will lead a 28-man delegation that will include local mayors to benchmark the successful investments and business permits and licensing experiences of Batangas City, General Trias of Cavite, Laguna, and Taguig City in Luzon.

 On their first day the delegation will meet with Board of Investments Assistant Secretary Felicitas Agoncillo-Reyes and DTI Regional Operations Group Under-Secretary Zenaida Cuison-Maglaya to discuss investments initiatives and other issues and concerns.

 DTI-Compostela Valley chief Lucky Siegfred Balleque said the trip would be “very significant” to the participants by way of replication of the best practices of the centres and the municipalities to be visited.

 Balleque noted that Compostable Valley, is one of the fastest-growing provinces of Davao region with rich natural and mineral resources that contributed greatly to its continuing economic growth. Moreover, he said the provincial leadership is “highly aware” of what investors need and, as a businessman himself, Governor Arturo Uy is confident that his province’s rich natural endowments and resources would be a magnet to them.

 “These developments,” according to the DTI officer, “have made the provincial government determined to commit to providing a welcome environment for investors by enhancing the local government units’ permits and licensing system. Our target municipalities for the visit are known to have successfully implemented business permit and licensing reforms and have ranked on the Top 3 most competitive units nationwide,” he added. 

 The province’s capital town, Nabunturan, ranked fifth overall most competitive municipality and fifth in the infrastructure category in the 2014 Cities and Municipalities Competitiveness Index of the National Competitive Council.

 Under the province’s investments and incentives code, investors would be exempted for one year from the 35 percent share of the province of the real property tax on buildings, machinery, and other improvements and a 50 percent franchise tax cut for the same period.

 From Butuan City, travel to Compostela Valley takes only three hours and one hour and 30 minutes from the capital Nabunturan to Davao City’s International Airport and Sasa wharf. (jpa/pgo-tourism/ids/jmm)