Davao Released its Regional Development Plan for 2023-2028

As we all know, the high unemployment rate has a direct impact on the economic condition in the Philippines and is one of the lasting repercussions of the pandemic. Employment growth was inadequate to reduce unemployment, especially in a select number of large cities where the country's robust population expansion and greater labor force participation were most evident, including the Davao Region.

Thankfully, the Philippine government has created a development plan for the upcoming years in order to address the needs of the different regions and areas around the nation. These plans propose a number of far-reaching changes to the economy and society to get the economy back on a high-growth path and speed up the eradication of poverty.

An Overview of the Davao Region

Davao Region, previously known as Southern Mindanao, is one of the regions of the Philippines. It is now officially known as Region XI. Five provinces make up the region that stretches over the southeastern tip of Mindanao: Davao del Norte, Davao Occidental, Davao Oriental, Davao de Oro, and Davao del Sur. The city of Davao serves as the regional capital for this area, which surrounds the Davao Gulf.

Agricultural plantations such as those producing bananas, pineapples, coffee, and coconuts continue to be the city's principal economic sector. The island's primary exports include various types of fruit such as mangoes, pomeloes, bananas, coconut products, pineapples, papayas, mangosteens, and chocolate.

Moreover, it serves as Mindanao's most important commercial, financial, and industrial hub. It is also an important economic hub for the island country. Phoenix Petroleum, an international oil business with headquarters in Davao City, is the first Philippine firm with a location outside of Metro Manila to be included in the PSE Composite Index. Coca-Cola Bottlers, Phil., Pepsi-Cola Products, Phil., Interbev Phil Inc., and RC Cola Phil. all have manufacturing operations in the city.

What is the Davao Regional Development Plan for the Next 5 Years?

At its Third Quarter Hybrid Meeting held on September 27, 2022 in person at the National Economic and Development Authority-RDC XI Center, Bangkal Davao City and virtually through videoconferencing, the Regional Development Council XI adopted the Strategic Framework of the Davao Regional Development Plan, 2023-2028.

The planning period for Davao Region is from 2023 to 2028, and the Overall Strategic Framework captures the region's primary development thrusts, objectives, and targets during this time.

The Davao Regional Development Framework was largely inspired by President Marcos's eight-point socioeconomic agenda, which represents the government's top priorities in light of pressing issues like rising prices for basic commodities due to inflation, the continued negative effects of COVID-19 on health and education, and the impact of global supply chain disruptions on national government revenues, all of which have negative effects on job creation and national security.

Below are the 8 Point-SocioEconomic Agenda for Davao Regional Development Plan, 2023-2028.

1. Individual and Family Capability Development and Protection

The formulation of this socio-economic agenda would be possible by achieving these three objectives:

Promote human capital and social development

The local government aims to achieve this by improving education and lifelong learning, boosting health and nutrition, and establishing livable communities.

One example of a livable community in the Davao Region is Lumina Tagum. These affordable house and lot for sale help in the expansion of markets and possibilities for growth in businesses around the area. In addition, this is also associated with the increase in home values in the house and lot in the Philippines, particularly in Tagum, City.

Increase income and learning ability

The development plan will focus on expanding training and skills development and intensifying employment facilitation, giving its constituents the best learning and job opportunities in the region or abroad.

Protect purchasing power

Budgeting, spending, and saving wisely all include a basic understanding of the consequences of inflation and the protection of buying power. The region plans to achieve this by ensuring food security and strengthening social protection.

2. Reforming the Manufacturing Sector for More High-quality Employment Opportunities and Marketable Goods.

These three goals would pave the way for the design of this socioeconomic agenda:

Modernize agriculture and agri-business

Food production in the area may benefit from agricultural modernization, which also increases farmer income and stimulates the local economy. This can be gained through advance research and development, technology, and innovation.

Revitalize industry

The real strategic objective of industrial revival is to accomplish new transformation and upgrade economic structures via the promotion of trade and investments, not only to restore traditional manufacturing and build high-end manufacturing.

Reinvigorate services

Reviving the service sector may help bring about more equitable economic development by reducing poverty and expanding access to markets for micro- and small-scale enterprises, farmers, fishers, and women.

3. Practice Good Governance and Improve Bureaucratic Efficiency

Good governance has long been seen as an essential instrument for promoting sustainable development, and as such, it is widely believed to be an essential aspect to be integrated into development initiatives. Efficient management of human, environmental, economic, and financial resources for fair and sustainable development is made possible by good governance, which also ensures civil society's involvement in decision-making processes.

4. Promote Financial Inclusion and Improve Public Financial Management

When people have equal access to financial information and services, they are able to start their own enterprises, save for the future, provide for their families, and mitigate the risks associated with their day-to-day lives. Better public finance management also contributes to inclusive expansion, increased economic productivity, and a deeper financial system.

5. Enhance Administration of Justice

An improved administration of justice is an essential component of the regional development democracy, with the goals of reducing crime, protecting the public from harm, housing criminals, and helping them recover from their crimes.

6. Ensure Peace and Security

Safety's primary function is to prevent harm to people and their possessions. This applies to the people's lives as well as their belongings. Peace and security are essential to any kind of social progress.

7. Expand and Upgrade Infrastructure

Enhancing a region's infrastructure also aids in mitigating the effects of climate change and lessening its susceptibility to calamities. In addition to lowering the price at which commodities are transported, expanding infrastructure also makes it easier to facilitate the movement of people and products, increases productivity, and makes businesses more competitive.

8. Accelerate Climate Action and Strengthen Disaster Resilience

The overwhelming effects of climate change may be mitigated by breaking them down into smaller, more manageable chunks, such as preparing agricultural markets for prolonged droughts as a result of rising temperatures or decreasing the danger of flooding caused by rising sea levels.

The East Asian Growth Area, of which the Davao Region is a part, is widely recognized as an important center for regional economic cooperation in Southeast Asia. Fortunately, Lumina Homes has an affordable house and lot offer available in Davao Region through Lumina Tagum.

This progressive community offers convenient proximity to a variety of city attractions which makes it a feasible investment option for your current way of life. Due to its closeness to several shops, entertainment venues, and community facilities that cater to your daily needs, Lumina Homes in Tagum City gives you the movability and accessibility that you deserve in a dynamic location

Start your investment now at the heart of the development plans in the Davao Region and witness the benefits of an increasing home value in a short period of time!