Local capitalists encouraged to pour investments in Cebu

CEBU, Philippines – Cebuano capitalists are encouraged to pour their investments in the province before foreign investors, who are eyeing to invest in Cebu, control a major chunk of Cebu's investment environment.

"Stand still not. Opportunities abound right here-right now, where you are. Do not look far," said Francis Sebastian president of First Metro Investment Corporation, and vice chairman of Metropolitan Banking Corporation.

Sebastian was in Cebu Thursday to speak before the members of the Rotary Club of Cebu. He likened Cebu to Hong Kong with its outstanding economic performance that outperformed the national figure.

Sebastian, who is also the chairman of the Global Business Power Corporation, that manages the Cebu Energy Development Corporation (CEDC), said that because of renewed confidence from international investment community in the Philippines, and in Asia in general, "investment funds are coming to the country in massive amount."

"Cebu is open for business. Partake this opportunity," he encouraged Cebuano capitalists emphasizing that if Cebuanos will not take advantage of the fertile investment soil here, others will surely grab it.

He said Cebu has captured the international investment community's interest saying thus it can claim to be the premier "investment destination in the Philippines."

The Metrobank has been very aggressive in its investment ventures in Cebu, aside from opening more bank branches here the group has also opened up the first five-star hotel in the City the Marco Polo Cebu Hotel.

Aside from Marco Polo Plaza Cebu, the group also spent P23 billion for the installation of coal power operated by the CEDC in Toledo City, western part of Cebu.

Sebastian suggested that industries that will fuel growth and fertile for investments include; food, transport, construction (real estate), services, and retail. (FREEMAN)