Sans a promotions agency: Cebu investors in limbo

CEBU, Philippines - Amid the calls to embark on a more aggressive international promotion to sustain Cebu’s grip as a preferred investments destination, the absence of a promotion center has actually pulled the province a step backwards.

"Everyone is trying to emulate what Cebu had been doing in the last few years in its efficiency in accommodating and attracting investors. The [temporary] absence of an investment and promotions agency is a step backward for Cebu. Now, investors and would-be investors have no one to turn to," said former Tholons executive Jonathan De Luzuriaga, who is also currently heading a UK-based software development company in the Philippines.

In an interview with The Freeman yesterday, De Luzuriaga expressed apprehensions that if Cebu will not act on establishing an investment and promotions center, it may affect largely its position as one of the favorite investment destinations not only for outsourcing investments, but across industries like tourism, manufacturing, among others.

This time, even basic needs of investors like data, and other important requirement is not readily available in Cebu, thus putting investors on a "limbo".

"I know the Cebu City and provincial governments in Cebu are aware of the consequences, and a lot of initiatives are being put in place, but the establishment of this facility should be done urgently-- sooner than later, " he said.

A single day is wasted without an agency that will properly handle the important inquiries of interested investors, which information requirements can only be sourced in a single dedicated office like that of an investment and promotion center, De Luzuriaga emphasized.

"The attractiveness of Cebu may diminish over time," he said, if this problem will not be addressed immediately.

Late last year, the Cebu City government decided to shut down the operation of the Cebu Investment and Promotion Center allegedly due to political and management issues.

De Luzuriaga, who is the country manager for LenSoft Solutions, and managing partner of Compos Mentis Consulting, said that it is imperative for Cebu to immediately set up this agency.

Earlier, Cebu Chamber of Commerce and Industry past president Sabino Dapat said that while Cebu cannot afford to lose its competitive advantage, the private sector understood that the absence of an entity that will be designed to focus on promoting Cebu, will put the province in "danger".

Dapat, who was one of the board of directors of CIPC, said that the chamber is planning to set its own tourism and investment promotion entity.

Dapat, who resigned from CIPC before it was dissolved, said that its operations has been “politicized” and that no other organization can effectively operate an investment and promotion center, other than the chamber.

CIPC was originally created as a foundation, which was supposedly an stand-alone entity that is mandated to propel investment interest for Cebu, however, because its monetary engine was sourced from the local government unit, the operations had been affected by the political divisions.

Although Dapat said that what happened to CIPC concerns a sensitive issue that needs to be solved in due time, he said that Cebu on the other hand, needs an immediate similar entity, as competition can’t also wait.

He said Cebu’s potential in the investments and tourism should be well maximized, especially at this time that ASEAN integration is coming up. (FREEMAN)