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Cebu pushed as investment destination

By Louella D. Desiderio (The Philippine Star) | Updated March 16, 2013 - 12:00am
CEBU, Philippines  – The Cebu Chamber of Commerce and Industry (CCCI) is pushing the province as a destination for investments, citing opportunities in the sectors of information technology – business process outsourcing (IT-BPO), tourism, creative industries and small and medium enterprises (SMEs).
CCCI president Lito Maderazo told reporters the group wants to encourage more firms to invest in the province given available opportunities.
“Cebu has a lot to offer. There are opportunities here,” he said.
He said firms could consider investing in the IT-BPO sector given available talent.
The IT-BPO employs 95,000 in the province.
Apart from IT-BPO, he said, investment opportunities are also available in tourism as it is among the top destination picks of foreign visitors to the country.
He pointed out that two million foreign tourists visited the province last year, 50 percent higher than in 2011.
Cebu, likewise, has creative industries such as furniture which interested firms could consider to engage in.
Maderazo said the CCCI is also pushing for the development of more SMEs in the province.
He said that while the country has captured the attention of many foreign firms looking to invest, the government has to address concerns which hamper the growth of businesses in the province.
“Now that we are a bright spot, we are hoping that the government will resolve the high cost of power,” he said.
He said the government also has to address the lack of infrastructure in the province to remove the high shipping costs and attract more tourists.
The inadequate water supply is, likewise, a problem with water utilities in the province supplying only 50 percent of what is needed.
The CCCI has organized business meetings along with the 27th Confederation of Asia-Pacific Chambers of Commerce and Industry (CACCI) Conference which started yesterday.
The CACCI is composed of national chambers of commerce and industry, business associations and business enterprises in Asia and the Western Pacific.
Maderazo said the CCCI is hoping to encourage new investments in the province through the conference.
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