Economic landscape of 2023

The Cebu Chamber of Commerce and Industry (CCCI) shared crucial insights into the economic landscape of 2023 and unveiled key priorities for the business community in 2024 during its Year-End Press Conference held in December.

Reflecting on the challenges of 2023, CCCI highlighted the region's economic resilience amidst global uncertainties. Lower inflation and interest rates played a pivotal role in maintaining stability, establishing a positive foundation for economic growth.

Looking ahead, the Chamber presented an optimistic outlook, projecting a rebounding economy with growth rates expected to reach up to 5%. Despite concerns about exchange rate fluctuations, stability remained a consistent theme.

In outlining strategic priorities for 2024, CCCI placed a strong emphasis on outbound trade missions and advocated for the continued development of a vibrant tourism sector. Addressing challenges such as high business costs and traffic issues, the Chamber urged government support in creating diversion roads to enhance the overall business environment.

During the conference, the Chamber presented its wish lists for the national government this year, identifying the influx of players in the power and energy industry as a contributing factor to high business costs. Infrastructure development remained a central theme, with a call for increased projects in Cebu and the Visayas, including road networks and bridges to boost regional connectivity. Water sustainability emerged as a critical focus, with CCCI advocating for targeted interventions.

These proposed initiatives were framed as interconnected components vital for fostering sustainable economic growth and resilience. CCCI reiterated its commitment to collaborative efforts with the government and other stakeholders to achieve these goals, ensuring a prosperous and resilient future for the business community in Cebu and beyond in 2024.

For more information, please visit the CCCI official website and Facebook page or email at [email protected].