Cebu’s rapid development, vision, imperiled by energy insecurity

MANILA, Philippines — Cebu retained its status as the country’s richest province for the ninth consecutive year in 2023. The Commission on Audit (COA) places its assets at P235.73 billion in 2022, with an increase of P20.43 billion from P215 billion in 2021.

This is largely through the growth of various industries including tourism, transportation, IT-BPM, agricultural sectors and processing, mining, water and telecommunications, which are supported by a skilled workforce.

Along these are government infrastructure projects such as the Mactan-Cebu International Airport, the Metro Cebu Expressway, and the Cebu-Cordova Link Expressway which will bring additional growth in the years to come.

Tourism is one of the biggest economic drivers of Cebu province. With its combination of beautiful beaches, mountain views, historical sites and colorful festivals, Cebu ranked first in the Department of Tourism’s 2023 nationwide survey of most preferred destinations among overnight travelers.

As of September 2023, Cebu recorded over two million local and foreign guest arrivals, a 28% growth from last year’s data with an estimated 1.9 million.

The IT-BPM sector is likewise thriving, with revenues posted at $32.5 billion, employing about 121,000 full-time employees in 2022. Two more IT Parks are being proposed in Cebu City, one along Pope John Paul II Avenue in Barangay Mabolo, Cebu City and another along the Cebu South Coastal Road in the South Road Properties (SRP).

These are projected to provide jobs for 15,000 employees once completed.

Aside from more office spaces being built to accommodate the IT sector’s workforce, investment management company Colliers also recorded growth in the residential segment with the take-up of 1,100 condominium units in Cebu in the affordable and lower mid-income segments.

It projects that condo unit prices in Cebu will grow by 3.5% from 2023 to 2027 as demand for higher-priced units stabilize. 

Prior to the pandemic, the National Economic Development Authority (NEDA) identified Cebu’s potential for new investments in heavy and extractive industries. This includes the expansion of shipbuilding and other allied activities in the western seaboard