To develop provincial properties: Capitol looking for investors

CEBU, Philippines — The Cebu Provincial Government is inviting more investors and businesses to partner with the province through public-private partnerships (PPP) and joint venture agreements as it seeks to unlock greater economic potential from government-owned properties across Cebu.

Paulo Uy, head of the Cebu Provincial Investment and Promotions Office, said the Capitol is open to proposals from companies and investors interested in developing provincial assets located in key areas of the province.

Among the properties available for possible investment partnerships are located in Sudlon in Barangay Lahug, Cebu IT Park, M.J. Cuenco Avenue, Larsian, Naga City, and Pinamungajan.

According to Uy, investor interest in Cebu remains strong despite global and domestic economic challenges. He, however, failed to provide figures.

“There is no specific number yet kay naghuwat pa ta og data from the national government, but ang numbers are promising,” he said.

Uy noted that Cebu continues to attract investments even amid concerns over the ongoing crisis in the Middle East and the effects of recent calamities.

“In fairness, we're on the growing stage. At the same time, daghan ta’g naabot diri nga development especially katong sa Alegria oil,” he said.

One of the major developments being highlighted by the province is the revival of oil and gas production in the town of Alegria.

An Indonesian-backed company recently secured a new service contract from the national government, allowing it to take over operations of the Alegria oil field.

Data from the Department of Energy (DOE) showed that the field contains an estimated 27.93 million barrels of oil in place, with around 3.35 million barrels considered recoverable. The area also holds an estimated 6.6 billion cubic feet of natural gas reserves.

Uy emphasized that investments play a crucial role in generating jobs and stimulating economic activity in communities where projects are located.

“Dako kaayo nig tabang kay every investor nga moanhi diri, mobubo sila sa ilang puhunan sa Cebu Province. Anywhere, mo-translate man gud na og employment,” Uy said.

As an example, he cited the planned economic zone development in Naga City, which is expected to generate thousands of employment opportunities once implemented.

“For example, katong economic zone didto sa Naga, that's expected to enjoy around 5,000 employees,” he said.

Another key project is the proposed 45-hectare infrastructure estate on the provincial government’s Balili property in Naga City, which is being pursued through a partnership between the Capitol and MTD Philippines Inc.

The planned development will feature a satellite provincial government center, sports and economic hub, food security facility, fish port and fish market facilities, renewable energy infrastructure, and transport terminals.

The development could employ between 5,000 and 8,000 workers during construction and potentially benefit up to 250,000 people through tourism and economic activities once operational.

Uy added that bringing major developments outside Metro Cebu could help create jobs closer to communities and reduce the need for workers to travel long distances for employment.

“Imagine kung naa sa Argao, Asturias, Medellin, dako na kaayog tabang kay di na kinahanglan mobiyahe og layo ang tao,” he said.

He added that the provincial government is also pushing for a more balanced distribution of economic and business opportunities across Cebu to help ease congestion in highly urbanized areas.

“We're also promoting nga ma-spread out ang economic opportunities ug business opportunities sa Metro Cebu para di na kaayo ta ma-traffic diri,” Uy said.

Meanwhile, the Capitol is also exploring a PPP arrangement for Larsian, the province-owned food hub in Cebu City.

Uy previously disclosed that the provincial government had received a letter of intent from a private proponent interested in helping develop and manage Larsian.

The initiative is in line with Governor Pamela Baricuatro’s directive to improve the iconic facility as both a tourism and dining destination while maximizing its revenue potential.

Addressing concerns that Cebu has become an expensive location for business investments due to rising utility costs, Uy acknowledged that electricity rates remain among the challenges faced by investors.

However, he explained that utility costs affect all businesses operating within the province and should not be viewed as a major disadvantage.

“Looking at it on the practical side, pareha ra man ta og cost, but ari ta magdaog sa innovation ug produkto,” Uy said.

He stressed that competitiveness ultimately depends on innovation, efficiency, and the quality of products and services offered by businesses. — (FREEMAN)