Cebu is off to an auspicious start and is poised to capitalize on the strength of its tourism, manufacturing, and business process outsourcing industries. Riding the momentum of its steady post-pandemic recovery is a testament to the province’s resilience amid challenges.
After experiencing a slowdown in 2020 due to the COVID-19 pandemic, Cebu Province’s economy rebounded, achieving 5.4 percent growth in 2021. This expansion continued with 5.0 percent and 6.0 percent growth in 2022 and 2023, respectively.
The ongoing improvement and expansion of the Mactan-Cebu International Airport will better position Cebu to become one of Southeast Asia’s major transit hubs, attracting more visitors and boosting economic activity in the region. Two new IT parks, the Mabolo IT Park and Robinsons SRP IT Park, are set to rise in the coming years, adding a combined 80,000 square meters of office space to the Cebu IT landscape.
Cebu’s residential market continues to thrive, with Colliers Philippines noting it as a significant hub outside Metro Manila. Major property developers have expressed their confidence in the sector’s performance in 2025 as they announce their upcoming projects, such as massive residential developments, mixed-use townships, and vacation rental properties.Beyond tourism and IT-BPM, manufacturing contributes substantially to Cebu’s economy.
Cebu also presents a fertile ground for the growth of micro, small, and medium enterprises and startups. The province’s vibrant economy, supportive ecosystem, and government initiatives, such as access to financing and mentorship, provide opportunities for entrepreneurs. Nevertheless, the continued economic growth of Cebu is inextricably linked to a stable and affordable energy supply.
“If we are to even be able to match the phenomenal growth that Cebu is experiencing right now, we would have to be serious in generating more capacity. That has become a focus and priority for me,” Garcia said at an energy forum last year.
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