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:
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“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)