Visayas' Economic Potential Highlighted

Finance Secretary Benjamin E. Diokno highlighted the Visayan group of islands’ vast economic potential in sustainable tourism, information technology and business process management (IT-BPM), and renewable energy (RE) during the Philippine Economic Briefing (PEB) at the Marco Polo Plaza Cebu.

Photo Insert: The Western Visayas region in 2022 posted the fastest growth of 9.3 percent among all regions in the country, while Central Visayas and Eastern Visayas both grew by 7.6 percent and 6.8 percent, respectively.

Secretary Diokno pointed out that in 2022, Western Visayas posted the fastest growth of 9.3 percent among all regions in the country, while Central Visayas and Eastern Visayas both grew by 7.6 percent and 6.8 percent, respectively.

“Clearly, this part of the country is brimming with immense economic energy. The administration of President Ferdinand Marcos, Jr. recognizes this and is fully prepared to support its growth and development in the next five years,” Secretary Diokno said in his keynote address.

The Philippines is currently prioritizing the implementation of 194 high-impact Infrastructure Flagship Projects (IFPs), 65 of which are located in Visayas with an indicative total cost of PHP 1.7 trillion.

Some of these projects include the Cebu Public Transport Modernization Project, the Metro Cebu Expressway, the Panay-Guimaras-Negros Inter-Island Link Bridge, the Samar Pacific Coastal Road Project, and the New Dumaguete Airport Development Project.

With the construction and enhancement of the Mactan-Cebu International Airport (MCIA)––the country’s second-largest airport––the city has become a major player in the field of sustainable tourism.

“More impressively, it is also the country’s first solar-powered airport and bans single-use plastics among its concessionaires. This is in line with the Philippine government’s clean energy transition and sets a precedent for other establishments to mainstream sustainability,” Secretary Diokno elaborated.

Apart from tourism, Cebu also boasts of a thriving IT-BPM industry. The IT and Business Process Association of the Philippines reported that the industry has the potential to generate up to 1.7 million jobs and US$35.9 billion in business revenues.

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