Cebu still a magnet for new investments

CEBU, Philippines — Cebu is seen to sustain its contribution to the national economic output as it continues to attract new investments.

Joey Bondoc, research manager at realtor Colliers International Philippines, said yesterday they continue to receive queries from offshore gaming firms planning to locate in Mactan Island.

He also said Mandaue City also continues to attract businesses that are planning to expand outside Cebu City.

New office spaces, he added, will be opened over the next nine months to cater the rising demand for office space in the city.

"We also see Cebu sustaining its contribution to the country’s GDP (gross domestic product). Cebu remains a major investment destination outside of Metro Manila," he pointed out.

Bondoc further cited the retail sector continuing to see growth as spaces in regional and super-regional malls are being filled up.

"In our opinion, the industrial sector is one interesting property segment in Cebu given the rising demand for warehouses and thriving e-commerce," he said.

In a report released yesterday, Colliers also noted the country’s sustained economic growth will probably continue to spill over to the real estate sector.

However, Colliers expressed several factors could constrain the growth of the property sector moving forward.

These include the lack of skilled construction workers, which may compromise the implementation of the government’s infrastructure projects nationwide.

Colliers raised this issue as early as 2016 when property developers were scrambling to complete residential projects amid a tight labor situation.

Another concern is the potential delay in the implementation of public projects due to election ban and the delay in the passage of the 2019 national budget, the property consultancy firm said.