Cebu business group bares wishlists for 2024

The Cebu Chamber of Commerce and Industry (CCCI) outlined five key wishlists for the Wood Dragon Year to further propel Cebu's economy to greater heights.

CCCI president Charles Kenneth Co cited the cost and power supply problem in Cebu, the private-public partnership for a dam to address Cebu's water crisis, the realization of a mass transit system, the provision of an e-visa to boost tourist arrivals, and the realization of the Metro Cebu Expressway, a 74-kilometer expressway that will connect the cities of Danao in the north and Naga in the south.

"Our economists are forecasting a slight pick up in growth… Factors that will contribute to this are lower inflation and also lower interest rates," said Co.

He highlighted high inflation as the most significant challenge faced by Filipinos in 2023, which hampered economic activities.

As CCCI anticipates a surge in economic activity in 2024.

"We saw a lot of interest from foreign countries from India, Singapore, Malaysia, and China, among others. We still have young demographics working in our favor. We may not realize it but other countries already have stagnant population growth. The countries that have money are looking at developing countries like the Philippines to invest in because this is where the growth areas are," Co cited.

Mandaue Chamber of Commerce and Industry (MCCI) president Kelie Ko said, "Economists see a better year ahead. For sure, tourism numbers will continue to grow, although the slowing down of China's economy might prolong the recovery a bit."

"The construction materials supply industry has seen one of their worst years even slower than 2022 due to tempered demand from building construction," Ko said.

The state and working visits of President Ferdinand Marcos Jr. in 2023 resulted in US$5.28 billion, or P294 billion, worth of actualized investments, according to the Department of Trade and Industry (DTI).

DTI – Board of Investments Undersecretary Ceferino Rodolfo said Marcos Jr.'s foreign trips actualized $4.089 billion or P227.72 billion in investments for eight projects; $790.58 million or P44.02 billion for 11 projects; and $398.17 million or P22.17 billion for nine projects, as of 21 December 2023.

The continuous challenge of removing roadblocks to progress includes improving infrastructure and access, managing traffic issues, easing ownership rules to attract foreign direct investments, and a generally favorable business and investment climate for domestic and international investors.

On tourism, the Department of Tourism (DOT) aims to bring in 7.7 million international tourist arrivals in the country in 2024.