Cebu to have investment center next year – Labella

CEBU, Philippines — The Cebu City government announced to open a public-private led investment center in Cebu next year.

Cebu City Mayor Edgardo Labella said in an interview yesterday that he is already drafting an executive order for the creation of a Cebu City Investment Concierge, in partnership with Cebu Chamber of Commerce and Industry (CCCI).

Labella said his office will be appointing a CCCI member to head the center. He is also eyeing an office space within the chamber building.

Labella along with CCCI officials led by president Virgilio “Nonoy” Espeleta and past president Melanie Ng visited China recently to participate in an international trade exhibition held in Xiamen.

According to Labella, the keen interest of Chinese investors to explore investment opportunities in Cebu prompted him to recognize the immediate need for an investment center.

In an earlier interview with Espeleta, he admitted Cebu’s difficulty to accommodate foreign trade missions and investment expeditions.

With the absence of an official investment center, visiting investors or organized trade mission groups have to pay courtesy visits to different offices and business organizations just to find out possible opportunities of their interest. This in turn, created confusion to visiting investors on whom to approach and what to explore.

With this plan, the Chamber will have to start off the creation of an “investment map” in close coordination with the City, to identify the “investable” businesses, industries and locations in Cebu.

The Chamber is also planning to do the same move with the Cebu Provincial Government, as investors’ interest is not only confined to the City, but the entire province as well.

Cebu used to have a separate office to handle all the investment and promotions activities for the city or for the entire province, but the Cebu Investment and Promotions Center (CIPC) was dissolved in 2013.

CIPC served as the investment and promotions desk for Cebu in the last 20 years until 2013 following the decision of the Cebu City government to terminate its funding support. (FREEMAN)