Cebu business community bats for sustained growth

MANILA, Philippines — The fastest-growing region in the country today, Cebu, is a vibrant province where tradition seamlessly blends with modernity. The thriving hub has attracted a diverse mix of local entrepreneurs and international investors, transforming Cebu into a powerhouse hosting economic dynamos: Lapu-Lapu (13.2% economic growth rate in 2022), Mandaue (9%) and Cebu (8.4%) cities.

This dynamism is showcased annually during Cebu Business Month (CBM), bringing together leaders, entrepreneurs and stakeholders in high-impact events celebrating the province’s economic achievements and acting as a catalyst for further innovation and collaboration.

At CBM’s Tech Summit event, delegates explored cutting-edge advancements in AI and digital transformation, highlighting fantastic capabilities, infinite possibilities and new business opportunities.

Meanwhile, the Entrepreneurial Summit brought together local startups, sharing their innovations and networking to explore synergies. Cebu Chamber of Commerce and Industry (CCCI) president Jay Yuvallos said, “Cebu Business Month celebrates our collective spirit of resilience and innovation. It’s about paving the way for sustainable growth and prosperity in our region.”

CBM 2024 kicked off with a call for innovation at the Good Design, Good Business Summit, hosted by CCCI held recently at the SM Seaside City Cebu, discussing the significant impact of design and strategic planning on Cebu's future development.

Reflecting on the summit’s broader agenda, Regan Rex King, overall chairman of CBM 2024 remarked, “Design is not just about aesthetics; it's about creating environments that foster business success and benefit communities.”

Visionary plans for Cebu City’s future

Architect Joseph Michael Espina, officer-in-charge of Cebu City’s Planning Development Office, presented a visionary blueprint for Cebu City’s growth. The strategic plan for Cebu includes holistic urban planning that addresses the city’s evolving needs while preserving its cultural heritage and natural beauty. Reinforcing the city’s forward-thinking plans, Cebu Acting Mayor Raymond Alvin Garcia spoke of the establishment of a “creative district.”

“Cebu City has always been a hub for innovation, creativity and talent. With our rich culture and heritage and dynamic population, Cebu is the perfect place to invest in creative entertainment industries,” Garcia said.

Garcia noted that by cementing a conducive environment for art and innovation, Cebu City aims to attract investments, enhance infrastructure, and improve the quality of life for its residents.

“The possibilities of having a creative district in Cebu are endless,” he added. “We had a success story in the IT park, which is in Cebu now, employing about 150,000 to 200,000 people. We aim to replicate this success further.”

Grounded in reality: Energy security, water sustainability

By all accounts, Cebu’s grand plans are also highly grounded in reality. Energy security, water sustainability and strategic urban planning were main topics during the Good Design, Good Business Summit, underscoring the interconnectedness of design, strategy and sustainability as critical components in Cebu’s growth plans.

Ronaldo Ramos, COO of AboitizPower Thermal Business Group’s Operated Assets, spoke of the present challenges to Cebu’s energy security including the Visayas region’s very thin energy reserves to begin with, and the fact that Cebu represents more than half of the region's demand. 

He highlighted the significance of energy security for Cebu’s sustainability, advocating for a balanced approach that integrates renewable energy sources with innovative baseload energy to ensure reliability.

“AboitizPower has two major energy projects in the pipeline for Visayas. The 173 MWp Calatrava Solar in Negros Occidental and the 150 MW Unit 3 brownfield project of the existing Therma Visayas Inc. plant in Toledo City, Cebu. Both are meant to be part of the solution, but the two have their own story, context and roles to play,” said Ramos.

“In the context of Cebu, where there is a call for additional capacity to be available in the next three to four years, we looked at solar, gas and coal. The TVI Unit 3 emerged as AboitizPower’s most viable contribution to provide reliable, cost-efficient and accessible baseload power supply to the Visayas.”

Ramos’ statement aligns with Cebu’s current economic growth momentum. As Cebu continues to develop, the need for dependable energy sources becomes increasingly crucial. Integrating renewable energy with baseload energy is essential to maintaining a stable and adequate energy supply that supports both current demands and future growth.

Lawyer Jes Anthony Garcia, SVP for Infrastructure at Vivant Corporation, underlined the critical importance of water sustainability in promoting development in the entirety of Cebu.

He relayed Vivant’s initiatives to promote sustainable water management practices, ensuring the resilience of Cebu City’s water resources amid growing urban demands and environmental challenges.

Editor’s Note: This press release from Aboitiz is published by the Advertising Content Team that is independent from our Editorial Newsroom.