Cebu business sector keeps hopes up

Despite the negative projections by some economists of the inevitable effects of the current global financial crisis, Cebu’s business sector continues to hold on to a positive view of the local economy.

“The year 2008 has been kind to Cebu’s business environment and indicators of which are the constant news about fresh developments in Cebu from real estate, BPOs and even in hotels and resorts. In one sense there is still optimism for the economy so we still hold a shared and common optimism for the future,” said Cebu Chamber of Commerce and Industry president Dr. Edward Gaisano during the chamber’s year-end press briefing.

Gaisano said for as long as a business entity has a strong foundation, access to credit, and a sound business practice, it will definitely survive any crisis.

He added that the impact of the current global crisis will come in varying levels for various industries.

However, despite these possible effects, the chamber still sees optimism especially that they have not yet heard of announcements on project cancellations in Cebu but in fact there have been new project announcements for expansion and new projects for next year, said Gaisano.

“We do not see a slowing down in the domestic demand because it still continues to thrive. Developments in the real estate continue to grow and a lot of people continue to come to Cebu to work, live and invest making the local economy more vibrant,” said Gaisano.

Gaisano stressed that the Chamber will continue next year to do the programs they have initiated this year in line with the chamber’s mission to be globally competitive.

“Everybody knows about the recession because it’s in the news but what people should know is what we are doing here in Cebu. Cebuanos are resilient and they keep on fighting. In times of crisis, there will always be threats but there are also a lot of opportunities. The business sector has always been tested by these challenges but its either we join the band wagon and say that things are bad or we turn things around,” said former CCCI president Anastacio Muntuerto Jr.

Rural Banks of Cebu president and CCCI trustee Danny Arcenas echoed the same pronouncements saying despite the issues concerning a number of rural banks under the Legacy Group, the banking system in Cebu remains sound.

He said that the operations of rural banks in Cebu continue to be normal in fact the confidence level of the people still range up to 97 percent as the general public continue to patronize them.

 “The picture is not as bright especially in the global scenario but Cebuanos can still manage not to give up because they will always try to move despite this crisis,” said Arcenas.

Philexport president and CCCI vice president Jay Yuvallos also spoke of optimism as he stressed that the export sector is still creating and looking for opportunities amidst the challenges they face in today’s crisis.

 “The best defence is offence and we will not stop. We just have to continue doing what’s worth but we have to also be careful because these times call for us to be watchful,” said Yuvallos.

For next year, the Chamber has aligned several major projects to be undertaken such as the Cebu Economic Development Zone (CEDZ) feasibility and primer, the Touchstone for a globally Competitive Cebu (TagCebu), The Cebu Economic Advisory Group (CEAG) as well as the Cebu Business Month 2009, local business councils.

With its feat to become globally-competitive, the chamber also plans to hold trade missions to New Delhi, India in April and in Tel Aviv, Israel in June.