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.


4 Responses to “Contrast”

  1. iceman9 Says:

    it’s great news to hear that! but it makes me wonder why the U.S. economy are winding up to a financial drain? it could be affected by politics imho. cheers

  2. Global Voices Online » Southeast Asia: Impact of Financial Crisis Says:

    […] from the Philippines observes that a major city in the southern part of the country is somehow faring well during these distressing times: “We have seen the closure of banks, financial institutions and insurance companies the past […]

  3. Global Voices بالعربية » جنوب شرق آسيا: أثر الأزمة المالية Says:

    […] كما لاحظ أحد السياسيين المحليين في الفلبين أن مدينة رئيسية في الجزء الجنوبي من البلاد تسير بشكل أفضل خلال فترات الكساد الاقتصادي الأليمة. […]

  4. hill roberts Says:

    It’s really nice to know that Davao is beccoming a major city.Let’s hope urban planners are now being contracted to
    prepare a master plan in the next 20-50 years. It can be done. Make it as beautiful as Paris, as green as England,
    as quaint as Prague, as clean as Singapore and as safe as
    Gibraltar, a British colony. Bring back those gorgeous acacia trees and plant them in wide boulevards. Perhaps, relocate vendors to minor thoroughfares and make the main thoroughfares free of vendors, to make the city more appealing, attractive, smart. In the future, include the monorail system, the equivalent of CCP with their own
    symphony/philharmonic orchestra and the like. A world-class city would need such a thing. There should be plenty of land along the seafront.

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