We have seen the closure of banks, financial institutions and insurance companies the past several months in the US, Europe and lately Japan as a result of the global financial crisis.
The opposite, however, is occuring here in Davao. Almost a new bank branch is being opened here every month. Yesterday, it was the First Consolidated Bank based in Tagbilaran, Bohol, which started operations at its sprawling center at Sasa. Last August, I also represented Mayor Rody Duterte at the opening of the East-West Bank infront of high-end shop Chimes along Sales St. in Chinatown. East-West Bank is opening another branch at Matina just off Ateneo very soon.
Last month, the long idle Madrazo property infront of Central Bank finally gave way to a new bank branch of Philsavings.
Davao is not immune to the financial crisis and the impending global recession but it is faring well, according to NEDA.