Central Visayas remains one of the preferred destinations of investors in the country with Cebu taking the lead among the region’s provinces, according to 2007’s third quarter economic situation report.
The regional economic situationer, prepared by the National Economic and Development Authority, stated that the planned investments for Central Visayas registered with the Board of Investments climbed from P84.79 million in the second quarter to P2.6 billion in the third quarter.
The rise in the amount of planned investments is mainly because of a development of a resort in Cebu, which would eventually reach P2.3 billion in total cost.
Aside from the Cebu resort being the biggest registered investment in Central Visayas, there were also several mass housing projects in Cebu.
Investment promotion centers noted that the region was able to sustain investors’ interest, particularly in tourism and information technology.
The Cebu Investment Promotion Center reported that a number of Asian, Australian and US-based companies expressed interest in locating in Cebu, the report noted.
Of the industries, the airline industry also played an important role in the region’s economy with its continued expansion, considered a “major driver” of the region’s growth since 2006.
Number of flights also increased, such as the Cebu Pacific Air’s frequency in its Cebu-Hong Kong route that rose from five to six times a week.
The banking industry, meanwhile, is also growing with several banks expanding operations. As of the third quarter, at least two banks opened new branches in Cebu: the East West Bank and the Asia Pacific Rural Bank. — Mitchelle L. Palaubsanon/RAE