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:
“Even the poor student studies and is taught only political economy, while that economy of living which is synonymous with philosophy is not even sincerely professed in our colleges. The consequence is, that while he is reading Adam Smith, Ricardo, and Say, he runs his father in debt irretrievably.”
—Henry David Thoreau (1817–1862)
“Everyone is always in favour of general economy and particular expenditure.”
—Anthony, Sir Eden (1897–1977)