Saturday, January 12, 2008 FDI ranking a challenge
OTHER than improved infrastructure, local businessmen and industry leaders call for a more business-friendly environment for foreign investors if Cebu City, and the province in general, intends to be a leading business destination in the future.
This was the reaction made by some Cebuano businessmen on yesterday’s report by the Finance Direct Investment (FDI) magazine of the Financial Times Group listing Cebu as eighth among the “Top 10 Asian Cities of the Future.”
In an interview with Sun.Star Cebu, local stakeholders said that while they welcomed the news — as it placed Cebu City on the world map — the recognition poses the challenge for the government and private sector to hasten the implementation of more infrastructure projects, which are necessary for Cebu to maintain its position as a promising city in Asia.
“Cebuanos are friendly as a people but some of the business policies we have are not attuned to be friendly,” said Eric Mendoza, Mandaue Chamber of Commerce and Industry president.
Bureaucracy
Mendoza said one way to make Cebu investor-friendly is to cut down bureaucracy to allow investors to establish business in the province with less difficulty and at minimum cost.
The Department of Trade and Industry started to address this issue through the establishment of the National Economic Research and Business Assistance Center (Nerbac) last year. Nerbac is a one-stop shop which facilitates the processing and documentation of all paper requirements in setting up a business firm in Cebu.
Joel Mari Yu, Cebu Investments Promotions Center (CIPC) managing director, said earlier that improving the over-all business climate in Cebu calls for more good infrastructure like roads, water and power supply, office spaces, telecommunications services, airports and seaports.
“Infrastructure is our weakest point,” he said.
Cebu Chamber of Commerce and Industry president Francis Monera said the local business community lauded Cebu City’s latest recognition as it is a “perfect example of a strong and healthy private-public partnership.”
“(But) we still need to work harder since there are a number of areas that can stand an ocean of improvement as can be gleaned from the report, especially in the area of infrastructure,” said Monera in a text message.
Partnership
“Strong private-public partnership should continue to be harnessed in view of addressing major challenges, and eventually improving Cebu’s ranking,” he added.
Cebu-Gifts, Toys, and House ware (GTH) former president Jenifer Cruz said Cebu City, being the eighth Asian City of the future, only affirms that Cebuanos are known to be “versatile and world-class.” He added that this is why Cebu City and the province can do more to improve the current rank.
“Like in the export industry, Cebuanos are world-class designers. In the long run, the recognition will help realize the potentials of Cebu in the export industry and create more job opportunities,” Cruz said.
He said Cebu City as a business destination in the future will certainly bring in more investments in tourism, information technology, and manufacturing and distribution of goods.
Mendoza also said other cities in the province and the rest of the country should consider Cebu City as a benchmark for business models in their respective areas.
“Cebu City is a champion in many things and the province is now the eye of the entire country,” he said.
Mendoza said he agrees with Cebu City Mayor Tomas Osmeña that the whole country should improve so that other cities could also fare better in the ranking.
In the FDI list, two other Philippine cities — Quezon City and Davao City — made it to the top 10.
Cebu City ranked fourth in the list of 10 most cost-effective cities, seventh in the best quality of life category and second in development and promotion, next only to Singapore.
Cebu City, however, was left out in the list of cities in these categories: best infrastructure, most business-friendly, best human resources and best economic potential. (MMM)
