THE CITY government of Davao and business development and advisory firm Sannex Ventures Limited of Singapore are set to sign a memorandum of understanding (MOU) to position Davao City as a premier investment and trade hub.
Proponent Councilor Myrna Dalodo-Ortiz, committee chair on Trade, Commerce, and Industry, endorsed a proposed ordinance authorizing an MOU between the city government and Sannex Ventures on Tuesday, Oct. 13.
Ortiz said the proposed partnership aims to establish a formal framework for cooperation, specifically targeting Singapore-based enterprises, international investors, funds, trade agencies, and chambers of commerce.
Under the terms of the agreement, Sannex Ventures will assist in investment promotion and marketing initiatives, facilitate qualified commercial inquiries, and help bridge local enterprises with foreign business networks.
“The scope of the partnership covers business expansion promotions, investor linkages, and inbound or outbound trade delegations between Davao City and Singapore,” the ordinance reads.
Ortiz highlighted that the implementation of the MOU will entail no cost to the city government.
The partnership will be effective for one year from the date of signing, with provisions for renewal subject to mutual consent and necessary approvals.
The Davao City Investment Promotion Center (DCIPC) is mandated to oversee the monitoring and implementation of the agreement to ensure full compliance with its terms.
Ortiz said the MOU aims to strengthen economic ties with Singapore, aimed at bolstering local investments, agricultural exports, and tourism.
Christian Cambaya, DCIPC Investor Assistance Servicing Unit head, outlined that the collaboration leverages Sannex’ extensive network, including ties with the Singapore Business Federation (SBF).
Cambaya cited that the SBF has a membership network of roughly 40,000 business establishments.
“The challenge of the DCIPC is we want to attract more investors, and going to Singapore takes a lot of expenses and effort on our part, so we thought of partnering with Sannex because they have a wide network,” he stressed.
Under the proposed arrangement, Sannex will facilitate trade missions by inviting Singaporean companies and business organizations to explore investment opportunities in Davao City at no cost to the local government.
Cambaya said the initiative comes after the courtesy visit made by Singapore-based Filipino representatives to the mayor’s office last September.
A primary focus of the partnership centers on food security. Considering Singapore imports more than 90 to 95 percent of its food requirements, Davao City is offering agricultural land and lease properties for high-value crop production to help secure Singapore’s food supply chain through agricultural partnerships.
Beyond agriculture, the city is looking to tap into Singapore’s service sector.
The city government is targeting the establishment of financial institutions and retail companies that currently lack a presence in the local market.
While discussions remain focused primarily on trade and investment, Cambaya floated a potential sister-city agreement with a city in Singapore is also being considered as the partnership moves forward.