Some P6 billion in foreign direct investment (FDI) is poured into Cebu’s economy each month, according to the Cebu Investment Promotions Center (CIPC).
CIPC Managing Director Joel Mari Yu said the amount does not include an estimated P1.6 billion brought about indirectly by businesses benefiting from this FDI.
Yu added that Cebu outperforms all other provinces in the country because of the presence of the FDI.
He cited figures from the Philippine Export Zone Authority (Peza) showing some P3.29 billion in wages being paid to employees in the manufacturing and information technology/business-process outsourcing (IT/BPO) sectors in Cebu each month.
An additional P3.29 billion is estimated for maintenance and operating expenses, bringing to P6.5 billion the cash infused into the economy each month.
The presence of the FDI in Cebu allows for annual indirect employment of 202,150 due to an increase in number of support industries such as cafés and restaurants, boarding houses, apartments and condominiums, insurance, banks, bars, massage parlors, education, transport, shopping centers and malls.
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The CIPC estimates that wages paid indirectly reach P1.6 billion a month.
Employment opportunities brought about by the FDI contribute to the purchasing power of Cebu’s residents.
Six manufacturing economic zones in Cebu exported a combined $3.58 billion from 278 locators last year.
They employed 107,150 workers, figures from Peza also showed.
The IT-BPO sectors counted 139 locators based at the Cebu IT Park, Cebu Business Park, HVG IT Park and 52 IT buildings with an estimated 95,000 employees.
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