CEBU, Philippines — Cebu is considered the next big thing in retail and commercial developments, this according to Philippine Retailers Association (PRA) president Rosemarie Ong.
Ong said the world-class terminal 2 of the Mactan Cebu International Airport is Cebu’s ‘lucky charm’ that draws in the attention of investors around the world.
Metro Cebu is the largest retail hub next to Metro Manila, which is largely driven by
a strong and upbeat BPO industry and high remittance rate from Overseas Filipino Workers (OFWs).
Consumer consumption has been a huge contributor to Cebu’s growth and progress, and the retail sector is a huge recipient of such growth, Ong said.
She added that Cebu continues to attract investors, specifically retailers, who still have to make their presence here.
Aside from the opening of the new airport terminal, which is expected to accelerate tourism arrivals in the province, other promising sectors are likewise anticipated to boost Cebu’s economy.
Ong further said that the presence of giant retailers in the Philippine market is also a good benchmark for small and medium retail operators.
He mentioned the multi-billion-peso investments of the Gokongwei Group in Cebu, including the planned integrated resort development project at the South Road Properties (SRP).
Based on planned proposal, the Group through the Universal Hotels and Resorts Inc., will build three hotels with a total capacity of 1,000 hotel rooms, a convention center, a performing arts theater, a high-end mall, a children’s waterpark, and a casino. Once completed, it is seen to further validate Cebu’s position as a major retail and tourism hub.
“The new high-end mall being constructed by the Gokongwei Group will be the highlight of luxury shopping in Cebu. Apart from the international luxury brands, we are excited to see locals innovate and showcase their crafts and businesses for a global crowd in this new avenue,” said Ong.
She added that retail continues to be strong with sustained consumer growth spurred by BPO locators, OFW remittances, and tourism. (FREEMAN)