Cagayan de Oro City Rides the Waves of Prosperity with Chinese New Year Celebrations

February 8, 2024

Cagayan de Oro City is gearing up for a vibrant Chinese New Year celebration, anticipated to significantly boost the local economy. John Asuncion, the leader of the Oro-Trade Investments Promotion Center (Oro-TIPC), shared his optimistic projections, especially highlighting the economic ripple effect of the upcoming dragon boat race. This event alone is expected to generate over PHP1 million in revenue for local entrepreneurs in just one day.

“A paddler typically spends PHP1,000 daily, and expenditures surge for those opting for hotel stays and additional tours,” Asuncion explained, noting that these figures are a conservative estimate of the potential economic impact. With over 500 participants gearing up for the race, excluding officials and guests, the city is poised for a bustling influx of activity and spending.

Reflecting on last year’s event, which saw 528 athletes compete, Asuncion, who previously led the Dragon Boat Kagay-an, Inc., emphasized the significant contribution of such events to sports tourism. “Each team brings its own budget, funneling substantial funds into our city’s economy, benefiting local businesses and the community at large,” he added.

Scheduled for February 17th and 18th, the 2nd Mayor’s Cup Spring Festival Dragon Boat Competition promises two days of spirited racing and community engagement. Adding to the festive atmosphere, lion dances will animate the city from February 11th to 17th, with special performances at City Hall and Gaston Park on February 15th.

Councilor Jay Pascual, head of the City Council’s tourism committee, views the Chinese New Year festivities as a vibrant platform for the Filipino-Chinese community to showcase their rich cultural heritage to the broader populace. Greg Lao, leader of the Cagayan de Oro-Filipino Chinese community, expressed gratitude towards City Hall for their unwavering support in bringing these celebrations to life.

As Cagayan de Oro City embraces the Chinese New Year, it stands on the cusp of a prosperous period, not just in cultural enrichment but also in economic growth and community solidarity.

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