While retrenchments have become a common trend for companies around the world to survive in the gloomy economy, most Cebu companies are holding on to their manpower wealth, saying "retrenchment is still a far-fetched reality" here.
Cebu Chamber of Commerce and Industry (CCCI) vice president for external affairs Clarito Fruelda said Cebu's dynamic economy, which is closely shielded by a strong BPO, IT and tourism sectors can withstand the economic meltdown experienced by the economic giants in the world.
"Retrenchment is only happening in companies that are directly hit by the crisis, like those located at the Mactan Export Zone, that are serving the US firms, and the export sector," Fruelda said.
But for companies or industries that are largely dependent on the local market, it is not as badly hit as the export sector.
Fruelda, who owns a logistic firm called ACF Logistics Worldwide Inc., said that keeps his close to a hundred employees, "in fact, we are still hiring."
"They say we are in the difficult times, the more we retain our employee to help us fight more, as of the moment, we do not consider retrenchments," he said.
Likewise, Cebu Holdings Inc. (CHI) president Francis O. Monera said it's hard to let go of people, just for "temporary" economic difficulties.
He said when the economy recovers, companies will have to re-hire again, and may regret of having let go of the more experienced people.
Like Fruelda, Monera believes that Cebu is better-off than other cities in the world. "There are so much hype given on the sector affected, but there are also sectors that are doing well."
According to Fruelda, most companies in Cebu as still "breathing" because of the province's healthy economic condition, while some places in the world are experiencing severe hard times.
Fruelda mentioned that dynamic activity of the retail sector, wherein more shopping malls and new shops and restaurants are opened. Also, hotel and resort investments are active.
Recently, the world's largest commercial and real estate services firm, CB Richard Ellis Group Inc., considered Cebu as a "recession proof" province in the Philippines.
Based on the result of its extensive market study in Cebu, the firm projected that the province's economy will be saved by its booming BPO and tourism sectors, this optimism will not only benefit Cebu, but domino effects will go down to the rest of Southern Philippines' economy.
The firm presented a rosy picture of Cebu economic development starting this year, backed up by realistic figures and extensive market study.
According to CB Richard Ellis Philippines chairman Rick Santos Cebu is seeing "life" amid the gloomy global economic prospects, and Cebuanos will expect abounding opportunities for employment and other money-making activities in 2009.
In a separate interview with Department of Labor and Employment (DOLE-7) regional director Elias A. Cayanong, he said that retrenchment activities in the region, especially Cebu is minimal.
Cayanong said aside from the export sector, specifically furniture, other industry players maintain the same number of workforce, in fact, some companies are still hiring.— Ehda M. Dagooc