CEBU, Philippines - The Cebu Chamber of Commerce and Industry, along with the provincial government, target to realize the installation of an Investment Promotions Center before the end of first quarter.
CCCI president Ma. Teresa Chan said that the chamber already expressed its willingness to partner with the government in the installation of an investment center following the closure of the Cebu Investment Promotion Center in 2013.
The chamber initially planned to form a committee to handle investments promotions for Cebu, but the idea spanned into involving both Cebu City and the Provincial governments so as to harmonize Cebu's investment promotions campaign.
Chan added that the chamber would likewise coordinate with the Cebu City government to create a much stronger private-sector-led bureau to sustain Cebu's attractiveness to global investors.
While this plan was thought of immediately after CIPC ceased operations in December 2013, the idea was further reinforced by calls from investment experts for the immediate establishment of this vital entity, otherwise the province will lose millions of possible revenues in investments.
Chan said this problem does only concern the LGUs but the Cebu province as a whole, thus the chamber’s thrust to help address the issue.
Meanwhile, in a separate interview with former Tholons executive Jonathan De Luzuriaga, he said that if Cebu wants to sustain its grip as an attractive investment destination, it has to install an investment promotions bureau--"right now."
De Luzuriaga described the absence this kind of facility in Cebu as a "step-backward" for the province as a whole.
"Everyone is trying to emulate what Cebu had been doing in the last few years in its efficiency in accommodating and attracting investors. The [temporary] absence of an investment and promotions agency is a step backward for Cebu. Now, investors and would-be investors have no one to turn to," said De Luzuriaga who is currently heading a UK-based software development company in the Philippines.
De Luzuriaga feared that if Cebu will not act on establishing an investment and promotions center, it may affect largely its position as one of the favorite investment destinations not only for outsourcing investments, but across industries like tourism, manufacturing, among others.
This time, even basic needs of investors like data, and other important requirement is not readily available in Cebu, thus putting investors on a "limbo".
"I know the Cebu City and provincial governments in Cebu are aware of the consequences, and a lot of initiatives are being put in place, but establishment of this facility should be done urgently-- sooner than later, " he said.
A single day is wasted without an agency that will properly handle the important inquiries of interested investors, wherein information requirements can only be sourced from a single dedicated office like that of an investment and promotion center, De Luzuriaga emphasized.
"The attractiveness of Cebu may diminish over time," he said if this problem will not be addressed immediately. (FREEMAN)