Cebu - Economy

Economy

About 80% of domestic and international shipping operators and shipbuilders is located in Cebu. Its extensive international port facilities, its proximity to intra-Asiam shipping and air routes are major factors which led multinational companies like: AAA Commercial Broker & Consultancy Inc, Affiliated Computer Services (A Xerox Company), Alliance Software, Inc., Asahi Optical, Bigfoot Entertainment, BMC Group, Convergys, Fairchild Semiconductor, JobsDB.com, JP Morgan Chase & Co., Lexmark Philippines Inc., Marine Colloids, Maithland-Smith, Mitsumi, NEC Technologies, Olympus Optical, Pentax, Muramoto Audio-Visual, Taiyo-Yuden, Teradyne, Timex, Tsuneishi Heavy Industries, CebuJobs.PH and United Technologies; to establish offices and/or factories on the main islands as well as in the island of Mactan, where they are clustered in special economic zones known as the Mactan Economic Processing Zone 1 (MEPZ-1) and the Mactan Economic Processing Zone 2 (MEPZ-2).

Cebu's labor force is oriented towards non-agricultural lines and is rated one of the most productive work force in the country. High domestic and foreign tourist arrivals, geographic location, accessibility and natural resources have fueled the development growth of Cebu with an excellent industrial record and now the fastest growing economy in the Philippines.

Cebu is home to some national and international corporations like: Its international port (cargo and container) is currently one of the busiest in the country. Homegrown brands in the city have expanded throughout the past years finding success in the national and even in the international market like Penshoppe, Oxygen, Loalde, and Island Souvenirs. Other homegrown brands that have expanded outside the city and province include: Bo's Coffee, Julie's Bakeshop, and Orange Brutus.

Due to its burgeoning furniture-making industry, Cebu has been named as the furniture capital of the Philippines. The Department of Trade and Industry in Cebu is aiming to develop this aspect of Cebu's economy by specifically targeting small to medium enterprises or SMEs whose products are considered export quality. Cebu is also becoming an IT hub as many companies, either local or international, are establishing their headquarters in Cebu. The city has become a site for various call centers and BPOs. The Cebu Chamber of Commerce and Industry, an organization of Cebu's businesses, are hedging the city's growth and economy on information and communications technology, with the aim of making it a premier ICT investment, software and e-services hub in Southeast Asia. Shipbuilding companies in Cebu have manufactured bulk carriers of up to 70,000 metric tons deadweight (DWT) and double hulled fastcrafts as well.

Cebu's economy is also driven by the mining/quarrying sectors with companies like ACMDC(Now CCC) Copper-Gold-Silver Mines(Toledo City), Apo Cement and Quarry(Naga City), PMSC Alcoy Dolomite Mines(Alcoy) and Small scale Coal mines in Danao City

The Cebu International Convention Centre serves as a landmark in recognition of Mandaue City’s involvement in the international trade. As venue of the 12th ASEAN summit, the city continues to establish an important role in international industrial relation, becoming the core of development and strengthening its role as the growth center of the province of Cebu.