Thursday, October 16, 2008

Davao City's Economy Won't Suffer Even With Economic Crisis-Laviña

Davao City's economy would not suffer despite the global economic crisis being felt by the country today mainly for three reasons:

1.Davao City is an agriculture-based economy and therefore not as exposed to trading fluctuations
2.Davao City is more of an exporter than an importer so it is not highly vulnerable to the fluctuating currency rate
3.Davao City has reached critical mass with 1.4 million consumers

This was the contention of councilor Pete Laviña who chairs the City Council committee on Trade, Commerce and Industry. As evidence of this, he said, new banks have started construction in the city despite the crisis.

Despite this positive outlook the Davao City Council is preparing for the possible influx of Overseas Filipino Workers who might lose their employment abroad and decide to either reduce their remittances to their families in Davao City or return to the city for lack of better options. Councilor Danny Dayanghirang has thus passed a resolution to establish a linkage between the Davao City Cooperative Development Office and the Overseas Workers Welfare Administration so that both offices can come up with a program that will benefit OFWs who would opt to return home.

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