Cebu has the distinction of being the oldest city in the Philippines. Far from stasis, however, the city has continued to reinvent itself over the years to adapt to the times.
That sensibility of being able to recreate lies at the heart of the latest developments in the modernization of Cebu. Infrastructure plays a major role – aside from the redevelopment of the Mactan-Cebu International Airport, other projects likes the Bus Rapid Transit, and the Cebu-Cordova Bridge promise to stimulate the local economy and improve the quality of life for all Cebuanos.
In its origin story, Cebu evolved into a trading hub where its land could not support agriculture, thus becoming a crossroads for merchants from all over the ASEAN and China. This explains how Cebuanos manage to create something out of nothing. Both their can-do attitude and indomitable spirit still prevail today.
Other areas which highlight the strength of Cebuanos are the growing BPO and IT industries. Combined, these industries employ about 100,000 people, with the city targeting a 20% market share of all BPO services coming from the Philippines. These industries benefit from home-grown talent coming from Cebu’s educational institutions, such as the University of San Carlos -- one of the oldest in Asia, and one of the finest in the Philippines. The Philippines’ greatest asset is its people, and Cebu contributes to this in a major way.
At the onset of the 21st century, Cebu remains at the forefront of regional economic development. Capitalizing on its trading heritage, its traditional role as a crossroads city with its revitalized infrastructure, and “can-do” spirit, Cebu brings together tourists and investors to catalyze growth for many years to come.
Deals and Corporate Finance Managing Partner, PwC Philippines
Tel: +63 (2) 8459 2060