[ Manila Bulletin Online ] November 16, 2008
By MALOU M. MOZO
CEBU CITY — Industry leaders are luring investors from Spain to put in substantial investments in Cebu’s growing industries, particularly in the business process outsourcing (BPO), energy and other lucrative sectors.
CIPC Managing Director Joel Mari Yu presented Cebu as an Information Technology (IT) hub in Asia to the 24-man Spanish delegation during the recently concluded 4th Tribuna España, an event spearheaded by the Cebu Chamber of Commerce and Industry that aims to promote and develop trade links between the Philippines and Spain.
"Cebu has proven and demonstrated its potential as a BPO hub. It is now considered the top destination of BPO companies around the world," Yu said, citing the study by global services and investment advisory firm Tholons that ranked this city first in the list of 50 emerging outsourcing destinations for global companies this year.
Apart from IT, Yu also mentioned light engineering and manufacturing as other major industries in Cebu that Spanish investors could tap into.
Sebastian Lacson, vice president of the Visayan Electric Company VECO, said Spanish investors can also look into opportunities in energy since the country is projected to have huge a demand for power as industries expand over the next few years.
"Eighty percent of the market remains untapped by both local and foreign investors," he told the delegation, adding that by 2012, the country will need more power and new generators all over Luzon, Visayas and Mindanao.
There are two ways to enter the Philippine energy market, Lacson said: through privatization of government facilities or by putting up renewable energy facilities that will produce products such as ethanol and biofuel demanded by the Renewable Energy Bill.
Representatives from other Philippine companies and organizations also informed Spanish businessmen that government infrastructure development is another area of opportunity.
Rolando Dy from the Center for Food and Agribusiness also cited agri-business as another market given that the Philippines is a major food exporter, producing agricultural crops that can be marketed for Spain.
He said the country exports moringga, virgin coconut oil, marine aquaculture, food supplements and organic products.
Also during the event, A Twin City Agreement with Barcelona, Spain was signed by Cebu City to strengthen its ties with the Spanish government and spur more economic activities between both cities.
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