This is a guest contribution
By Arthur Thatcher
Department of Trade and Industry said that an estimate of P17.3 trillion in investments will be hitting the city this year, which will fund the construction of world-class, multi-billion projects such as roads, sports facilities, bridges, and parks.
According to recent audit reports, Davao is now one of the richest cities alongside areas in Metro Manila, with around 30 businesses committing to set up projects in Davao City this year.
The biggest project in Davao is the P9.9 billion oil and gas facility that will be built in Davao del Sur. The project is followed by the P5 billion real estate development, and P1 billion transportation service projects.
Experts are saying that the future construction of the oil and gas facility in Davao is testament to the oil and gas industry’s strength despite dwindling oil prices for the past several years. The modernization of Basrah Gas Company’s West Qurna facilities in Southern Iraq is also proof of that, as well as the planned construction of oil and gas facilities in some oil-rich regions.
Davao’s impending LRT construction
Davao is currently in talks with Korean Engineering and Construction (KEC) about the construction of an LRT line in the city. The Korean company’s feasibility study started last year, and is expected to be completed in June 2015. According to reports, the study cost Davao City about U.S. $1 million.
Davao’s LRT will span 30 kilometers and will cater to the city’s public transport passengers, which increase by about 7% every year. Reports say that about 8,000 – 10,000 people in Davao currently use public transportation systems every hour.
“In order for the LRT to be really feasible, they (KEC) have an initial recommendation that it should have at least 25,000 passengers per hour,” said Ivan Cortez, Chief of Davao City Investment and Promotions Center (DCIPC).
