Cebu remained the country’s richest province for the ninth consecutive year in 2023. The Commission on Audit placed its assets at P235.73 billion in 2022, an increase of P20.43 billion from P215 billion in 2021.
This is mainly due to the growth of various industries, including Tourism, Transportation, IT-BPM, Agricultural Sectors and Processing, Mining, Water, and Telecommunications, which are supported by a skilled workforce. Government infrastructure projects such as the Mactan-Cebu International Airport, the Metro Cebu Expressway, and the Cebu-Cordova Link Expressway will also bring additional growth in the years to come.
Tourism is one of the province’s biggest economic drivers. With its beautiful beaches, mountain views, historical sites, and colorful festivals, Cebu ranked first in the Department of Tourism’s 2023 nationwide survey of the most preferred destinations among overnight travelers. As of September 2023, Cebu recorded over 2 million local and foreign guest arrivals, a 28-percent growth from last year’s data of an estimated 1.9 million.
The IT-BPM sector is likewise thriving, with revenues posted at $32.5 billion and employing about 121,000 full-time employees in 2022. Two more IT Parks are being proposed in Cebu City: One along Pope John Paul II Avenue in Barangay Mabolo, Cebu City, and another along the Cebu South Coastal Road in the South Road Properties. Once completed, these are projected to provide jobs for 15,000 employees.
Aside from building more office spaces to accommodate the IT sector’s workforce, Investment Management company Colliers also recorded growth in the residential segment, with the take-up of 1,100 condominium units in Cebu in the affordable and lower mid-income segments. It projects that condo unit prices in Cebu will grow by 3.5 percent from 2023 to 2027 as demand for higher-priced units stabilizes.
Steady supply is crucial
As the Central Visayas Regional Development Council embarks on its six-year development roadmap, the local business and industrial sectors are calling attention to Cebu’s energy security needs. These include the need for inland baseload power plants to satisfy Cebu’s demands and ensure it sustains its rapid growth independent of grid transmissions from neighboring regions.