Economist: Airport mess not helping Cebu economy

CEBU, Philippines - While the Cebu economy is on an upbeat track driven by tourism, BPO (Business Process Outsourcing), and trade, the implementation of the new airport on the other hand, plays a critical role in sustaining the economic strength of the province, an economist said.

Economist Patrick Cheng, who is also the executive vice president of the Philippine Bank of Communications (PBCom), said that the airport’s expansion and rehabilitation is imperative to Cebu’s growth, any delay of this project is not helping the economy at all.

Cheng was in Cebu recently to hold an economic briefing with the bank’s clients as well as the business community.

He said that the controversy over the airport project should be addressed as this could “make or break” the province’s good economic flow.

Cebu, whose economy is largely fueled by tourism and trade should hasten the fixing of any supporting infrastructure, and the airport is an important project, and any hint of delays is critical for the economy as a whole.

On the other hand, he said Cebu is seen to perform very well in the country’s economic growth for this year. Key industries that will lead the growth for Cebu’s economy such as BPO, real estate, tourism, trade will continue to cement the strong economic journey for the province.

Meanwhile, he said today is a good time for Filipinos to take advantage of the good investment environment, and that putting their money into the stock market is highly recommended.

“As the Philippines continue to do well, this environment will give more companies to profit, therefore raising the value of companies specifically those listed in the stock market,” said Cheng.

He urged Cebuanos to participate in the growth of the Philippine economy, by buying stocks of listed firms and be part of owners of the high-performing companies in the market.

Meanwhile, in a separate economic briefing, economist Michael G. Manuel said that Cebu is seen to lead the good economic projection of the Philippines driven by the dollar-earning industries such as BPO, tourism, as well as the growing remittances of the OFW (overseas Filipinos workers).

  These economists said that the good economic outlook should also be complemented with right infrastructure and more conducive environment.

Manuel said the BPO sector alone in Cebu disposes about P3 billion in consumption, this another positive indicator will lure more investors to Cebu, particularly in retail investments, real estate, and tourism, among others.— (FREEMAN)