Cotabato City’s commercial sector draws investors

AS INVESTMENT destinations go, Cotabato City is one of Mindanao’s best-kept secrets, said businessman William Lima.

Lima said, “going by profit margins, Cotabato is the place in which to invest.”

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This Davao native puts his money where his mouth is. His company, DC Invest Inc., is managing the Cotabato City Mega Square, a commercial shopping center with more than 40 retail stalls, a fitness center, and a sleek café with WiFi and a conference room.

Since Mega Square’s retail operations began two months ago, Lima said, Manila-based firms have begun looking at Cotabato City with new interest.

Kentucky Fried Chicken, National Book Store and a gas station are preparing to establish locations near Mega Square, attracted by the commercial center’s traffic.

And businesspeople from Brunei, Indonesia and Malaysia planned to visit the city during Mega Square’s formal opening [November 28], on the lookout for investment opportunities.

Pete Marquez, president of the Metro Cotabato Chamber of Commerce and Industry, is not at all surprised that things are moving quickly.

“Word has gotten round that there’s a lot of disposable income in Cotabato,” Marquez said.

This is evident in the number of buyers who crowd the South Seas shopping center and other commercial establishments, including Jollibee, Chowking and the Greenwich outlets.

Mega Square’s architecture is a fusion of the old and new Cotabato, while its high, arched ceilings and gold-painted columns reflect the city’s Islamic culture, its bright, spacious stalls and promenade area are distinctly modern.

The commercial complex occupied by Mega Square was

constructed by USAid’s Growth with Equity in Mindanao (GEM) Program, in partnership with the City Government, and serves 31,000 residents in six surrounding barangays.

“We were looking to develop alternative commercial areas in order to decongest the central business district in the old poblacion,” said Mayor Muslimin Sema.

“The city wanted to invest in a project that would not only have good financial returns, but also have a long-term positive impact on the local economy,” Sema added.

“Mega Square has definitely helped increase business confidence,” Marquez said. “We hope this lures more big ticket investors.”

The former Los Angeles-based realtor added that while “work still has to be done,” the city’s economy is “on the right track.”

“Cotabato has a long history as the central trading post in Mindanao. It’s time to reclaim that lost glory,” said Marquez.

Meanwhile, Lima is working to expand Mega Square by establishing a hair salon, a spa and a supermarket, with local business partners. Further along in the pipeline, he says, is a boutique hotel.

During the signing of the Mega Square agreement between the City Government and Lima’s company, Mayor Sema said the project sends a strong message: despite the recent outbreak of conflict in parts of central Mindanao, Cotabato City is moving on.

Lima, who for several years has run a retail distribution service with clients throughout southern Mindanao, shrugged when asked about peace and order in the region.

“The only war that has affected me is the price war,” Lima says. “In other cities, business competition is fierce. Here in Cotabato, there’s opportunity-and people pay in cash.”