Economy
Indicators (2005):
Investments (US$ Million) -- 4,983.60
Total Exports (US$ Million) -- 2,846.88
Total Imports (US$ Million) -- 3,127.16
Major Industries:
Electronics / electrical equipment manufacturing, computers, metals and precision instruments, chemicals, industrial parts assembly, food processing, furniture, fashion accessories, gifts, toys and housewares (GTH), garments, stonecraft, shipbuilding, and mining.
Principal Exports:
Semi-conductor devices, electronic timepieces, electronic components, wire harness, floppy disk drives, photographic equipment, garments, furniture, camera paraphernalia, car stereos, audio/video equipment, carageenan, fashion accessories, coconut oil, frozen shrimps, vehicle / machinery parts.
Financial Systems:
50 Commercial Banks;
27 Rural Banks;
9 Savings Banks;
5 Gov't. Banks;
2 Off-shore Banks
With more than 80% inter-Island shipping based in Cebu and having the most domestic air and sea linkages, Cebu is the most accessible place to all points of the country and a major industrial, commercial, trade, and educational hub right in the strategic center of the archipelago.
Its extensive international port facilities, its accessibility to Asia and the rest of the world has led more than a hundred firms, with multinational companies like Mitsumi, Pentax Corp., Marine Colloids, Fairchild Semiconductor, Tsuneishi Heavy Industries, Muramoto Audio-Visual, Lexmark International, Asahi Optical, Teradyne, NEC Technologies, Timex, Olympus Optical, United Technologies, Maithland-Smith, Taiyo Yuden, and others to set up manufacturing plants on the most successful industrial estates, leading the whole country in exports with growth rates for the past 5 years averaged close to 20% higher than that of the entire nation. Government support and incentives provide a major impetus for its growth.
Cebu's labor force is oriented towards non-agricultural lines and is rated one of the most productive. High domestic and foreign tourist arrivals, strategic central geographic location and accessibility, man and natural resources - all have fueled the robust growth of Cebu with an excellent economic track record and now the fastest growing economy in their country.
Cebu is home to some national and international corporations like AAA Commercial Broker & Consultancy Inc, Gaisano Group of Companies, Aboitiz Group of Companies, WG&A, Norkis Group of Companies, Bigfoot International, Lexmark Philippines Inc., Lhuillier Jewellers, among others. 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 a niche 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 Club, Julie's Bakeshop, Orange Brutus, Mother's Fried Chicken, among others.
Due to its burgeoning furniture-making industry, Cebu has been hailed as the furniture capital of the country. The Department of Trade and Industry in Cebu is aiming to develop this aspect of Cebu economy by specifically targeting small to medium enterprises or SMEs whose products are considered export-quality.
Cebu is also fast becoming an IT hub as many companies, either local or outsourced, are establishing their headquarters in Cebu. The city has become a site for various U.S. 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 of deadweight (DWT), and double hulled fastcrafts as well.
Cebu International Convention Center
The Cebu International Convention Center serves as monument of this historical landmark, in recognition of Mandaue City’s involvement in the international stage since the beginning of history.
As venue of the 12th ASEAN summit, the city continues to play an important role in international relations, becoming the core of development and strengthening its role as the growth engine of the province of Cebu.
Indicators (2005):
Investments (US$ Million) -- 4,983.60
Total Exports (US$ Million) -- 2,846.88
Total Imports (US$ Million) -- 3,127.16
Major Industries:
Electronics / electrical equipment manufacturing, computers, metals and precision instruments, chemicals, industrial parts assembly, food processing, furniture, fashion accessories, gifts, toys and housewares (GTH), garments, stonecraft, shipbuilding, and mining.
Principal Exports:
Semi-conductor devices, electronic timepieces, electronic components, wire harness, floppy disk drives, photographic equipment, garments, furniture, camera paraphernalia, car stereos, audio/video equipment, carageenan, fashion accessories, coconut oil, frozen shrimps, vehicle / machinery parts.
Financial Systems:
50 Commercial Banks;
27 Rural Banks;
9 Savings Banks;
5 Gov't. Banks;
2 Off-shore Banks
With more than 80% inter-Island shipping based in Cebu and having the most domestic air and sea linkages, Cebu is the most accessible place to all points of the country and a major industrial, commercial, trade, and educational hub right in the strategic center of the archipelago.
Its extensive international port facilities, its accessibility to Asia and the rest of the world has led more than a hundred firms, with multinational companies like Mitsumi, Pentax Corp., Marine Colloids, Fairchild Semiconductor, Tsuneishi Heavy Industries, Muramoto Audio-Visual, Lexmark International, Asahi Optical, Teradyne, NEC Technologies, Timex, Olympus Optical, United Technologies, Maithland-Smith, Taiyo Yuden, and others to set up manufacturing plants on the most successful industrial estates, leading the whole country in exports with growth rates for the past 5 years averaged close to 20% higher than that of the entire nation. Government support and incentives provide a major impetus for its growth.
Cebu's labor force is oriented towards non-agricultural lines and is rated one of the most productive. High domestic and foreign tourist arrivals, strategic central geographic location and accessibility, man and natural resources - all have fueled the robust growth of Cebu with an excellent economic track record and now the fastest growing economy in their country.
Cebu is home to some national and international corporations like AAA Commercial Broker & Consultancy Inc, Gaisano Group of Companies, Aboitiz Group of Companies, WG&A, Norkis Group of Companies, Bigfoot International, Lexmark Philippines Inc., Lhuillier Jewellers, among others. 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 a niche 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 Club, Julie's Bakeshop, Orange Brutus, Mother's Fried Chicken, among others.
Due to its burgeoning furniture-making industry, Cebu has been hailed as the furniture capital of the country. The Department of Trade and Industry in Cebu is aiming to develop this aspect of Cebu economy by specifically targeting small to medium enterprises or SMEs whose products are considered export-quality.
Cebu is also fast becoming an IT hub as many companies, either local or outsourced, are establishing their headquarters in Cebu. The city has become a site for various U.S. 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 of deadweight (DWT), and double hulled fastcrafts as well.
Cebu International Convention Center
The Cebu International Convention Center serves as monument of this historical landmark, in recognition of Mandaue City’s involvement in the international stage since the beginning of history.
As venue of the 12th ASEAN summit, the city continues to play an important role in international relations, becoming the core of development and strengthening its role as the growth engine of the province of Cebu.
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