Cebu sees more foreign investments from APEC hosting

• Source: http://www.pna.gov.ph/index.php?nid=1&rid=800034
• Thursday, September 3, 2015

By Leslie D. Venzon [(PNA), LGI/LDV]

CEBU CITY, Sept. 3 (PNA) -- The Cebu provincial government is planning to create more economic zones and drawing up strategies to enhance port facilities, as it gears up for increased foreign investments from hosting the Asia Pacific Economic Cooperation (APEC) summit.

“I’m confident that after the (APEC) meetings here, there would be foreign economies and even foreign businessmen that would express interest in investing here in Cebu,” said Governor Hilario P. Davide III, chair of APEC Cebu Organizing Committee.

Davide expects more investments pouring into the manufacturing sector particularly fashion accessories, gift items and food; tourism; micro, small and medium enterprises (MSMEs); and services sector.

“Services, that’s one of the key (economic) drivers here in Cebu,” he noted. “…We encourage the private sector to also focus on MSMEs in the countryside. We want to develop the countryside as much as we can to provide economic opportunities to Cebuanos there.”

To seize these investment opportunities, Davide underscored the need to enhance port facilities.

He said the Cebu Provincial Planning and Development Office, along with the local government units (LGUs), are also looking at the possibility of establishing more economic zones for future investments.

“Setting up more economic zones for future investments is one of the programs the government is looking at for the future. There have been requests from those wanting to invest here, they are looking for areas where to do business,” he reasoned.

The governor also assured prospective investors that the Cebu Investment Promotions Office is creating a business-friendly climate, particularly for foreign investors.

David expects around 3,000 delegates, excluding family members and their staff, to attend the APEC meetings here that run from August 22 to September 11.