Cebu has been booming. And one of the industries that has been growing in the region is real estate. CebuBestCondominium.com collates a list of determinants:
1. Overseas Filipino Workers (OFWs)
According to the Bangko Sentral ng Pilipinas (BSP), remittances from the Overseas Filipino Workers (OFWs) have hit $18.76B in 2010 with an 8.2% growth from 2009 with only $17.07B. It slightly exceeded the government’s forecast of an 8% growth around P8.1B towards real estate investments in Central Visayas.
Not only have the regular visitors from different countries paved the way for the continued boom of tourism in Cebu, the likes of foreign spouses, retirees and expatriates were also the main contributors. According to Benito Bengzon, Jr., Assistant Secretary of the Department of Tourism, Cebu is now currently having 180 direct international flights. Visitor arrivals reached 2.28 million from January to July 2011 recording a double digit increase of 11.83% over its previous year’s volume of 2,039,002 for the same period. Foreign airline companies are now looking at possibilities to open up direct flights specifically from Cebu.
3. Business Process Outsourcing (BPO)
Because of the great influx of Business Process Outsourcing (BPO) industry in Cebu, it projected export revenues to reach $25B by 2016 as compared to $9B last 2010. This registers a growth of 14.5% in just a little over 5 years. Assuming there is a continuous supply of skilled labor, Business Process Outsourcing (BPO) companies are expected to employ 900,000 workers in 2016. They will also be gradually adding non-voice and other high-end services. Reports also tell us that Cebu has already pushed itself up to the top 10 BPO emerging destinations in the world. And since Cebu has long been known as an English-speaking region, private organizations like the Cebu Business Club initiated to create the Cebu Hub for English Excellence. This is an advocacy that will make Cebu as an English Speaking Language (ESL) destination. Records show that at present, Cebu registered over 10,000 tourists studying English Speaking Language (ESL) in a year. This number is expected to triple once a formal body will be created to promote this service to the international market.
According to the National Statistics Office, Cebu has a population of 6.8M in the second quarter of 2012. The regional census as of May 2011 increased by 1M as compared to 2010. In Cebu City alone, there are 866, 171 residents with over 161,151 households. This poised a per annum increase rate of 2.66%.
What was once the oldest Spanish settlement in the Philippines is now one of the fastest growing cities in the country today. More investors are now looking to Cebu which is why there are many who have started to inject capital in the region.
Now is the best time to invest. CebuBestCondominium.com has an array of properties to choose. Feel free to leave us a message here in Contact Us page.
(Source: www.tourism.gov.ph, www.wikipedia.org)