Cebu stands to benefit from decentralization

A property market report for the second quarter of 2018 conducted by Colliers International Philippines showed that Cebu is benefiting from the decentralization thrust of the Duterte administration.

The report contained that Cebu's contribution to the country's economic output will continue to surge over the next five to 10 years given its growing attractiveness as an investment hub considering the development of crucial air and road infrastructure projects.

“We see Cebu benefiting from the Duterte administration's decentralization thrust or the spread of economic opportunities outside of Metro Manila,” said the report. The development of crucial air and road infrastructure projects, is also seen to significantly bring down the cost of doing business in the region.

One of the confirmations of this development is the report recently released by the Housing and Land Use Regulatory Board (HLURB), which reported that the real estate sector contributes more than R7.026 billion to the economy of Central Visayas. HLURB reported that this value of investments is coming from approved 43 projects composed of subdivisions, condominiums, and memorial parks this year.

“Cebu is a major contributor to Central Visayas' economy. Cebu is recognized as the premier investment destination outside of the country's capital and has undergone significant transformation over the past few years,” Collier said this will continue at least in the next five to 10 years.