Economy
Cebu is one of the fastest growing cities in Asia. Ceboom, a portmanteau of "Cebu" and "boom," refers to the rapid economic development of Cebu. The City of Cebu has been ranked eighth among the Top 10 Asian Cities of the Future in a list compiled by the Foreign Direct Investment (FDi) magazine of the Financial Times Group.
Cebu City is a major tourist destination in the Philippines famous for its historical sites, white sand beaches and diving sites.
About 80 percent of shipping companies in the Philippines are based in Cebu City.
Cebu's exports have increased 20 percent annually. Exports include furniture, fashion accessories, carrageenan and handicrafts, toys and housewares, electronics, cameras, watches, automobiles, airplanes, and cargo ships. Apart from manufacturing, the entry of business processing industrial firms have contributed to the growth of the city's services sector.
Cebu City’s 240-hectare reclaimed South Road Properties (SRP) is a mixed-use development that will feature entertainment, leisure, residential and business-processing industries.
Read more about this topic: Cebu City
Famous quotes containing the word economy:
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
—Ralph Waldo Emerson (1803–1882)
“Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.”
—Friedrich Nietzsche (1844–1900)