Cebu Province has been named the Philippines' wealthiest province for the ninth consecutive year, with assets totaling P235.73 billion.
The IT-BPM industry in Cebu generated a record $32.5 billion in revenue in 2022, employing over 121,000 people.
Tourism in Cebu attracted over 2 million visitors in 2023, bolstered by its natural beauty, historical sites, and vibrant festivals.
Significant infrastructure projects, such as the Mactan-Cebu International Airport and the Cebu-Cordova Link Expressway, are pivotal to Cebu's development.
Cebu is advancing towards becoming a "smart city," with initiatives to enhance sustainability, citizen experiences, and technological integration across sectors.
Cebu's thriving tech sector fuels economic dominance
With assets worth P235.73 billion, Cebu Province shines as the Philippines' wealthiest, driven by IT-BPM success, tourism appeal, and infrastructural innovation towards a "smart city" future
Mar 18, 2024 07:47 AM
At a glance
Cebu Province continues its economic streak, holding the title of the Philippines' wealthiest province for the ninth straight year. Government audits in 2022 placed the province's assets at P235.73 billion, showcasing strong growth across multiple industries. Leading sectors like IT-BPM, tourism, and infrastructure are shaping Cebu's path to becoming a thriving "smart city."
Cebu's flourishing IT-BPM (Information Technology and Business Process Management) industry generated a record $32.5 billion in revenue in 2022 and employed over 121,000 individuals. This sector's expansion drives development, with plans for two additional IT parks in Cebu City anticipated to generate 15,000 new jobs. Growth in the IT sector is reflected by a surge in demand for residential condominiums within affordable and mid-range price brackets.
Tourism remains a critical economic engine for Cebu, attracting over 2 million visitors in 2023 thanks to a winning combination of natural beauty, historical sites, and vibrant festivals. Technological advancements play a key role in streamlining tourism experiences and enhancing hospitality offerings.
Infrastructure also goes hand-in-hand with Cebu's tech-focused future. Projects such as the Mactan-Cebu International Airport, Metro Cebu Expressway, and Cebu-Cordova Link Expressway enable the growth of existing industries and promote new investment opportunities.
Cebu's "smart city" vision leverages technology to enhance citizen experiences, promote sustainability, and drive innovation. A steady energy supply is integral to realizing this ambition.
Industry leaders advocate for establishing baseload power plants in Cebu to meet growing demands and safeguard against energy shortages that could hinder the continued growth of the IT-BPM, tourism, real estate, and manufacturing sectors.
Citing the proposed 169 MW expansion project of Therma Visayas Inc. (TVI) in Toledo City, Cebu, Cebu Chamber of Commerce and Industry president Charles Kenneth Co said, "More power supply is always better."
Mandaue Chamber of Commerce and Industry (MCCI) president Mark Ynoc added, "When there is a pressing need for power, then we definitely need additional generation capacity and infrastructure," as he emphasized the role of power as a vital element in the ongoing economic recovery, in preparation for the anticipated arrival of investments and the increase in population.