Cebu's business bigwigs seek more definitive relationship between financial expansion and employment.
The Philippine Economic Briefing, held in Cebu on September 18, 2025, brought together key figures from the government and the private sector to discuss strategies for enhancing investor confidence and driving development in Cebu and the Visayas region.
The government has proposed the use of blockchain technology for the national budget, aiming to provide real-time transparency, security, and traceability of government spending. This move is expected to combat corruption, restore trust in public fund usage, and finance more projects in the region.
The Visayas region has been a significant contributor to the national economy, accounting for 14 percent of the GDP growth in 2024. Notable projects like the Bohol-Panglao Airport public-private partnership and the Panay-Guimaras-Negros bridge have been instrumental in infrastructure-led development.
However, concerns over unemployment and poverty persist despite the region's 7.3 percent expansion in 2024 and the national government's 5.5 percent growth in the second quarter. Virgilio "Nonoy" Espeleta, former CCCI president, and others have called for stronger investor confidence and more local projects funded under the national budget.
The government has introduced reforms to improve transparency and efficiency in procurement processes. The new Government Procurement Act includes an electronic marketplace, open contracting, and the use of government procurement cards.
Poverty reduction is linked to job creation outside the National Capital Region, with a focus on sectors like health, education, and food security. Cancio emphasizes the need for a shift from a consumption-led growth model to an investment-driven one, backed by infrastructure spending equivalent to 5 to 6 percent of GDP.
The IT, business process management, and logistics sectors in Cebu have been identified as growth drivers, with the city remaining a hub for foreign investor interest in outsourcing and digital services. The IT sector, in particular, has seen 57 to 59 percent of retail payments becoming digital, and 26 million Filipinos opening basic deposit accounts.
Digital finance is seen as a tool for inclusion, according to Zino Abenoja, Deputy Governor of the Bangko Sentral ng Pilipinas. The policy rate has been reduced to 5 percent, and inflation has eased to 1.5 percent in August, one of the lowest in Asia.
The Department of Finance (DOF) has approved P254 billion worth of investments across 285 projects under the Create More law, generating an estimated 67,000 jobs. The panel discussion also addressed tax policies affecting the property sector, including the implementation of the Real Property Valuation and Assessment Reform Act (RPVARA), which will take effect in 2027.
The panel included Finance Undersecretary Domini Velasquez, Office of the Special Assistant to the President for Investment and Economic Affairs (Osepia) Undersecretary Maria Angela Ignacio, Department of Development (DepDev) Assistant Secretary Reynaldo Cancio, BSP Deputy Governor Zino Abenoja, Department of Budget and Management (DBM) Director Mary Joy De Leon, Finance Secretary Ralph Recto, and DepDev Undersecretary Carlos Bernardo Abad Santos.
Osepia encourages local chambers and industry groups to align investments with national priority sectors, especially tourism, manufacturing, agribusiness, and renewable energy. Cebu's ports and shipping sector are seen as crucial for handling rising intra-Asean trade volumes.
In conclusion, the discussion at the Cebu leg of the Philippine Economic Briefing underscored the need for continued efforts to boost investment and development in Cebu and the Visayas. The region, particularly Cebu Province, is robust and outpacing national averages in growth, employment, and poverty reduction. With the right policies and investments, it is poised to continue its growth trajectory and contribute significantly to the national economy.
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