Cebu steps up push for foreign investments

Local

THE Cebu provincial government is stepping up efforts to bring in more foreign investments, with manufacturing emerging as a key target as the province seeks to broaden its economic base and create more jobs.

Dr. Bryan To, a consultant to the provincial government, said Cebu needs to move beyond its traditional reliance on the services sector and pursue new industries that can provide fresh opportunities for workers and businesses.

To raised concerns over service-sector companies leaving Cebu, saying the trend could affect jobs and livelihoods.

“Rehashing, recycling, the same old industry is not the solution,” To told reporters on Tuesday, Aug. 25, stressing the need to attract new opportunities, technologies and foreign investments.

He said attracting manufacturing investments could help diversify the economy and generate activity in other sectors, including housing, education and health care.

Among the opportunities being explored is electric-vehicle manufacturing.

To said an ASEAN-based EV company is looking at Cebu as a potential testing ground for electric motorcycles, with the company involved in motorcycle parts, assembly and battery production.

The potential investment is expected to be discussed during the province's upcoming economic forum, although To declined to identify the company or disclose details ahead of its own announcement.

The province's investment campaign has already drawn interest from investors in several countries.

To said previous forums brought in participants from China, South Korea, Oman, Russia and Europe, while companies from Vietnam and Singapore have also expressed interest in Cebu.

He estimated that investments generated through the forums have reached about ₱4 billion, with much of the capital directed toward development and infrastructure projects rather than tourism.

However, attracting new industries also means addressing the province's infrastructure requirements.

To said investors consider factors such as labor, electricity and water costs when deciding where to locate their operations.

The province is exploring alternative energy technologies as part of efforts to address energy costs and supply concerns.

A hydrogen-energy project is already undergoing a trial phase, involving a venture endorsed by the Philippine and Singapore governments, according to To.

Meanwhile, Paulo Uy, Cebu's investment and promotions officer, said the provincial government is working to make it easier for investors to navigate government requirements.

A planned help desk under the investment promotions office will assist investors with bureaucratic processes and route documents to the appropriate government agencies.

“It’s like becoming a one-stop shop,” Uy said, describing the planned assistance for investors.

The province is also preparing investment opportunities involving idle government properties.

Uy said the Balili property in Naga City, for instance, is being developed for a mega food hub, while other provincial properties are being considered for potential development.

To said Cebu's investment strategy should focus on bringing in industries that respond to global demand while taking advantage of the province's adaptable and trainable workforce.(MyTVCebu)