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PIA Press Release

Cebu contributes 10.5 percent to RP 2004 exports

By Minerva BC Newman

Cebu City (12 August) -- The National Economic Development Authority (NEDA) here reported that Cebu accounts for 98% of Central Visayas exports and generates 10.5 percent in the country's exports in 2004.

NEDA-7 acting head, Sandra Manuel also bared that more than 15% of all tourists that visited the country from 2000-2004, visited Cebu. Manuel said, in 2004 alone, Cebu welcomed more than one million tourists.

Cebu also drew P4.1Billion in investments last year compared to Subic and Clark that got only P3.7Billion and P3.0Billion respectively This trend continued in the first quarter of this year when Cebu raked in $999-Million in exports receipts, Manuel reported during the Economic Forum 2005 at the Waterfront Hotel in Cebu City.

However, some businessmen commented that to sustain investments in Cebu, something has to be done about the problems of power and water situation in the province. "We are hearing that MEZ locators are complaining that power and water costs are quite high here compared to other Asian countries," Agustin Palao, president of the Confederation of Philippine Exporters Foundation, Inc. said.

In the same forum, Carlos Co, chairman, Cebu Power Core group answered, the power problem will be solved by October when the submarine cable from Leyte will be energized. This will provide Cebu with 200-MW of power, "solving Cebu's power supply problems for at least the next three years. As far as water problems are concern, the Metropolitan Cebu Water District is also working on that," Co added.

Businessmen, exporters, local government executives and the media attended the recent Economic Forum 2005 in Cebu. (PIA-Cebu) [top]

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