Cebu’s thriving economy shows no signs of slowing down
The province of Cebu stands as a key hub for trade, commerce, and tourism in the Visayas, cementing its status as one of the country’s largest urban economic centers. Fueled by rapid infrastructure growth, it remains a prime destination for investors and tourists globally.
Richest province
According to the Commission on Audit, Cebu was recognized as the richest province in the Philippines with a net equity of P303.4 billion in 2023. It has held this ranking for 10 consecutive years.
At present, Cebu’s major industries include tourism, agriculture, fishery, manufacturing, IT and business processing outsourcing, and mining. Cebu also houses over 80 percent of inter-island shipping capacity in the Philippines.
Tourists are likewise attracted to this Visayan island owing to its luxury hotels, beach resorts, first-class restaurants, as well as sports and recreational facilities. Cebu’s unique topography gives tourists access to the beautiful sea and mountain views.
Infrastructure
One of the most important infrastructure projects in the region is the Mactan-Cebu International Airport (MCIA). Recognized as the country’s second busiest airport, MCIA is connected to 27 domestic and 10 overseas destinations with 14 foreign and four Philippine-based airlines as of March 2023.
In April 2024, President Ferdinand Marcos Jr. assured Cebuanos that the government would continue to invest in the province. He highlighted the P1.5 billion Mactan Expo Center and the Department of Public Works and Highways’ road widening projects, which would help decongest traffic in Mactan Circumferential Road and Mactan Airport Road.
Among the infrastructure projects greenlighted by Mr. Marcos in December 2024 include the P17-billion New Cebu International Container Port, which will help ease congestion at the existing Cebu Base Port. There was also an expression of interest for the P28.7-billion Cebu Bus Rapid Transit (CBRT) system.
Employment opportunities
Cebu City, by itself, is also flourishing. With almost one million residents, it is recognized as one of the country’s wealthiest cities, offering ample employment opportunities for its working population.
Property companies also recognized that hubs like the Cebu Business Park, Cebu IT Park, North Reclamation Area, and South Road Properties attracted multinational companies, leading to increased real estate activities and demand for commercial, residential and office developments in the city.
Sources: Inquirer Archives, cebu.gov.ph
