Success requires a lot of risk. If you don’t test the water you will never know how shallow or deep it is, so to say. However, with proper planning and thorough research, you can always control it. A famous wise man once said, you can put all your eggs in one basket as long as you control what happens to that basket. If you are one of those people still deciding whether to invest or not in Cebu, here are 5 facts to help you come up with a decision.
- Booming Tourism Industry
Every year, Cebu alone caters to millions of travelers domestically and internationally. Last 2019, 5.5 million tourist arrivals were estimated according to the Department of Transportation-7. Not to mention that the Queen City of the South, as what it is commonly named as, has held a number of international conventions and exhibitions through the years. With its beautiful beaches, luxury hotel and resorts, spectacular diving spots, heritage sites and lively culture, Cebu remains a top choice for visitors from all over the globe.
2. Sturdy Economy
In 2019, the Philippines rank as third best country for investment. Cebu, being the second largest city, is one of the most prosperous cities. Dubbed as the furniture capital of the country, it leads the export items such as furniture, musical instruments like guitars and ukuleles, fashion accessories and housewares. It is also a home for hundreds of Information Technology (IT) and Business Process Outsourcing (BPO) companies. In fact, in 2018 Tholons’ Services Globalization index, Cebu placed at Top 11 spot as “Super City” for outsourcing destination. With the upsurge of new businesses and developments in the city, investors are becoming more confidently excited for Cebu’s economy in the coming years.
Located at the heart of the country, Cebu has a strategic location perfect for investments. It is the main point of transportation to the other islands of the region. Recently, the island is the base to over 80% of inter-island shipping capacity in the Philippines which is higher than the capital city, Manila. The provincial government also enhances their connectivity with other countries thus resulting to more flights and destinations around the country and the world.
4. Great Workforce
Special thanks to the reputable educational institutions in the city, locals are highly trained not just to do work life balance but to be globally competitive as well. Aside from the natural talents they possess, Filipinos are very resilient and can almost adapt to any work environment. As a matter of fact, one of the most productive labor forces in the country is found in Cebu.
5. Increase in Domestic Migration
Domestic migration in Cebu keeps getting higher every year. Its metropolitan characteristics made people from Visayas and Mindanao provinces to relocate and the real estate industry is taking advantage and capitalizing of it. At present, more residential buildings are being developed in various areas. South Korea, Japan and China-three of the top sources of foreign arrivals in Cebu, are reported to purchase bulk condominium units.