ECONOMIC managers say that the economy is growing steadily, but some Cebu business leaders argue that the benefits aren’t reaching communities in terms of jobs and livelihood.
At the Cebu leg of the Philippine Economic Briefing on Thursday, Sept. 18, 2025, business leaders challenged economic managers to explain why the country’s 5.5 percent gross domestic product (GDP) growth in the second quarter of 2024 — and Central Visayas’ higher 7.3 percent — has not eased concerns about unemployment and poverty.
Virgilio “Nonoy” Espeleta, former Cebu Chamber of Commerce and Industry president, said: “GDP numbers look strong, but many communities are not feeling this in terms of jobs and livelihood. We need investor confidence and more projects funded under the national budget for Cebu and the Visayas.”
What the economic managers said
Finance officials pointed to reforms in tax collection, digitalization, and laws like Republic Act 12066 (Create More Act), which they said has already brought in P254 billion in approved investments and 67,000 jobs.
Economic planners stressed the need to move from a consumption-led economy to one driven by investment and infrastructure, which they said could create more sustainable jobs.
The central bank highlighted easing inflation (1.5 percent in August, one of Asia’s lowest) and growth in digital banking, with 26 million Filipinos opening basic accounts.
Budget officials promoted reforms in government procurement, saying these will boost transparency and efficiency.
Business leaders’ concerns
Jobs and poverty: Cebu’s strong growth hasn’t translated into steady employment or reduced poverty for many households.
Education and skills: Espeleta cited gaps in education and workforce training, raising doubts about whether people are ready for new jobs.
Population growth: He flagged inconsistencies in family planning programs as another pressure on resources.
Tax policy: Housing developers raised concerns about new property tax rules, particularly the Real Property Valuation and Assessment Reform Act, which takes effect in 2027.
The bigger picture for Cebu and Visayas
Government officials said the Visayas contributed 14 percent of national GDP growth in 2024, with infrastructure projects such as the Bohol-Panglao Airport Public-Private Partnership and the Panay-Guimaras-Negros bridge expected to sustain momentum. They pointed to Cebu’s information technology and business process management and logistics industries as growth drivers and emphasized expanding export markets beyond traditional partners.
What’s at stake
The discussion highlights a gap between macro-level numbers and local realities. Cebu is outpacing national averages in growth, but unless that growth creates more accessible jobs, better wages and stronger social services, skepticism from local business leaders may persist.
Finance Secretary Ralph Recto admitted the challenge: sustaining growth while ensuring it is inclusive. / EHP