THE Cebu Chamber of Commerce and Industry (CCCI) is awaiting the release of the P25 million it requested from the Cebu City Government to fund the “Invest in Cebu, Prosper in Paradise” business and investment branding, as well as other initiatives under the second phase of the Cebu Investments Development Concierge Center (CIDCC).
In a Viber message on Saturday, Aug. 31, 2024, CCCI president Jay Yuvallos said that the chamber is working closely with the Cebu City local government unit for the release of funding following the City Council’s approval.
“It has been approved at the council level but the funding is still pending for release. We are working with the office of the City Mayor,” he said. Yuvallos hoped that the funds would be released before the end of the year.
The P25 million financial assistance will cover activities related to CIDCC’s five pillars—government structure, concierge center, intelligence research, supply chain ecosystem development and marketing.
On Tuesday, Aug. 27, the CCCI, during its General Membership Meeting, officially launched the business and investment branding “Invest in Cebu, Prosper in Paradise.”
According to Yuvallos, the ‘Invest Cebu’ brand launch marked a significant step toward the positioning of Cebu as a premier destination in the Asia Pacific for both local and international investors.
“Invest Cebu. Prosper in Paradise” aims to capitalize on Cebu’s unique strengths, including its strategic location, robust infrastructure, skilled workforce, and vibrant culture, to attract investors and boost economic activity in the region,” he said.
“The vision of the chamber is to be the engine of Cebu’s business growth towards global competitiveness,” Yuvallos said. The goal, he said, is to develop world-class enterprises, world-class businesses and world-class people.
“That is our vision. We would like to see our enterprises become globally competitive and world-class,” the CCCI top official said.
Through the branding initiative, CCCI seeks to showcase Cebu as an ideal location for investments in various sectors, from technology and manufacturing to tourism.
“The word ‘paradise’ cannot be claimed by other cities in the Philippines, maybe Boracay (Island) but the prosper, with the many opportunities that are available, I think Cebu can claim it. So that is why, it is a balance between paradise and the lifestyle we have here in Cebu that we can safely say ‘prosper in paradise,’” said Yuvallos, in a past interview.
Besides the P25 million funding, the chamber also sought the Cebu City Council’s assistance in crafting an ordinance to institutionalize the CIDCC and Cebu’s branding for investment, ensuring its continuity despite leadership changes.
Hong Kong trade mission
Meanwhile, the CCCI is eyeing deeper collaboration with the Hong Kong General Chamber of Commerce (HKGCC) following the former’s recent trade and business mission to Hong Kong.
Some 44 members of CCCI, representing 34 companies, participated in the Hong Kong Food Expo Pro 2024 held at the Hong Kong Convention and Exhibition Centre in Wanchai, Hong Kong on Aug. 14 to 17, 2024 upon the invitation of HKGCC.
“We met new suppliers, new people and our HKGCC counterparts and most importantly learn new insights, perspectives as well as technological advances,” said Bernard Chioson, the head of the delegation.
CCCI said the trade mission to Hong Kong aims to strengthen economic ties and explore new business opportunities between Cebu and Hong Kong.
The Hong Kong Food Expo 2024 featured food and beverage products, food packaging, labeling and logistic services, food processing products, machinery and related services, food science and technology and Halal food and beverage products.
Chioson said they urged entrepreneurs in Hong Kong to invest in Cebu City.
“Hopefully, within this year, we can set something up, like a memorandum of agreement,” he said.
The Philippines and Hong Kong maintain close economic ties.
In 2023, Hong Kong was the Philippines’ sixth largest trading partner, with total merchandise trade amounting to about US$10.85 billion. In the same year, the Philippines’ export of merchandise to Hong Kong totaled $8.84 billion, while the Philippines imported $2.01 billion worth of merchandise from Hong Kong.
CCCI- Bogo chapter
Moreover, during the GMM, the chamber also introduced a suite of new tools designed to strengthen the chamber’s engagement with its members and the broader business community.
CCCI unveiled a new membership card that provides exclusive benefits, a mobile app to facilitate access to chamber services and updates, and the “Chamber Time is Cebu on Time” initiative to improve communication and coordination among members.
These initiatives, the chamber said, reflect its commitment to innovation and growth, reinforcing its role as a catalyst for economic development in Cebu.
The GMM also saw the induction of the board of trustees of the CCCI-Bogo City Chapter as well as the recognition of members who have been with the chamber for five to 10 years. / KOC