Code creation to position Cebu as investment hub

CEBU, Philippines - With its promising economic potential, Cebu should be considered as a good investment partner in areas such as real estate, tourism and information and communications technology, said a business leader.

Cebu Chamber of Commerce and Industry president Teresa Chan touted the province’s economic gains in recent years.

With the creation of the 2014 Province of Cebu Investments and Incentives Code, Chan noted Cebu, one of the country’s highly developed cities, would become an important investment destination.

The code, being proposed by the Provincial Board, wants to encourage local and foreign investors to set up enterprises in the province and help grow the agricultural, services and industrial industries in the countryside.

The code will give fiscal and non-fiscal incentives to potential investments. It will also create its own regulating board and operations center.

Potential growth areas in the province aside from the central district should be identified to boost economic growth. The code's preferred investment areas include tourism, renewable energy, export activities, mining and clean water projects.

“Cebu is also known for shopping districts, pristine beaches and excellent resorts,” the CCCI official said. “It is also a hub for education, trade, business process outsourcing, commerce and industry aside from Manila.”

Chan shared the chamber is planning to do a trade mission in Indonesia to invite businessmen in the Muslim country to explore commercial opportunities especially in Cebu.

She said: “Cebu-based companies would also be challenged to do the same -- to explore opportunities there.”

Sustaining economic stability and making sure citizens benefit from the economic gains are also challenges that need to be considered.

She explained the two ASEAN nations have faced the same challenges such as vulnerability to natural disasters, inadequate infrastructures, high logistical systems and rigid labor system which has restricted the expansion of the manufacturing sector. (FREEMAN)