Sunrise industries to buoy CV economy

CEBU, Philippines - Central Visayas is seen to take the spotlight this year, in terms of economic growth in the Philippines as the region is blessed with mixed of sunrise industries that would pull-up significant growth for the rest of the year.

“You are very lucky because you have the good mix of sunrise industries,” economist Bernardo M. Villegas, of University of Asia & the Pacific (AU&P) told Cebuano businessmen recent in an economic briefing.

Cebu, specifically he said is “definitely going to continue to boom,” with real estate, tourism, Business Process Oursourcing and Knowledge Process Outsourcing as the growth drivers.

These promising industries, are part of the sunrise industries, together with agri-business, creative industries, infrastructure, manufacturing and logistics, mining, medical travel and retirement, the four-Fs (food, fashion, furniture and fun).

He said Cebu will leverage much on these four “Fs”. Tourism is largely link with entertainment and food and the province has these competitive edges.

Exports on the other hand, which used to be one of the regions, specifically Cebu’s “bread-winners” is still going to face challenging future at least within this year.

“Exports will be very difficult, that is why most exporters are now shifting or diversifying into real estate,’ Villegas said.

He said the region’s growth is seen to hit the “above average’” level by the end of this year, that will hover within the nine to 10 percent.

Villegas added that the threat of power shortage with the robust growth in investments in the next couple of years, is something that is expected to be solved immediately.

The Department of Energy (DOE) which is now led by a Cebuano, who also came from the private sector Rene Almendras, will definitely make it sure that power woes will be addressed effectively in Cebu and other parts of the Central Visayas.

The power shortage impression, he said is not going to cripple the region’s attractiveness to investors.

The reality now, he said is a lot of companies and businesses are going out of Metro Manila, and consider in transferring elsewhere. One of the most attractive sites is Cebu.

Significantly, he said Cebu should also maximize on its advantage in drawing the world’s medical tourists, as it has good hospitals, and environment is perfect of this particular market.

While other industries are going down, such as exports, Villegas urged businessmen to invest on the wealth-making industries considered as sunrise sectors.

Agri-business for instance, has been neglected for several years, but now it has gained its strength, while domestic consumption expanding and growing.

Also, those who are in the “water business” would expect a promising future ahead, Villegas said, as the biggest challenge now is to address the draining supply of water and food. (FREEMAN)