Construction retailer remains optimistic of Cebu's resilience

CEBU, Philippines - The expansion of a Cebu-grown retailer of home and building construction materials in the southern part of Cebu is a manifestation of the resilience of the province’s real estate and construction industry to the global financial challenges.

Michael Co, chief executive officer of Cebu Home and Builders Centre (CHBC), said that despite the slump in the US real estate market, Cebu’s real estate market remains stable, mainly due to the remittances of overseas Filipino workers (OFWs).

“It is every Filipino’s dream to have a house such that when one such as an OFW, has the money to purchase one, a house is always one of the priorities. The OFW market has strengthened the country’s construction industry,” he told The Freeman on the sidelines of CHBC’s opening yesterday of its branch in Basak, Pardo.

Co said the industry remains optimistic that the economy will stabilize this year especially with the success of the country’s first automated election and the winning of President Benigno “Noynoy” Aquino III. The company has already seen signs of stabilization based on the 10 percent increase of the company’s sales performance in the first quarter of this year compared to the same period last year.

CHBC-Pardo branch is the start of the company’s expansion in the southern part of Cebu. CHBC has three branches in the province. The others are located in Banilad, its main branch and in Mactan Island. It has five branches in Manila .

Co said the company plans to open more branches in both the northern and southern part of Cebu “in the near future.”

“We are just waiting for the (north and south) market to mature,” he said.

With regard to venturing into real estate development, like what its contemporary company, Cebu Belmont Inc. did, Co said its mother company, Cebu Oversea Hardware (COH) group of companies, has not contemplated on diversifying.

“But we are not closing our doors. It’s just that we feel that there are still so much opportunities for us in this line of business. We believe that we can still serve many untapped markets,” he said.

COH, which celebrates its 58th anniversary this year, also owns and operates Parkmall, Expo Tile and Bath and Home Improvement Center, Living ‘n Style, The Home Depot and Better Living Tile and Batch Center .