Economy

About 80% of its domestic shipping is located in Cebu. The island has the most domestic air and shipping and cargo vessels in the Philippines. The island also has a major industrial, commercial, trade and educational system. Its extensive international port facilities, its accessibility to Asia and the rest of the world has led more than a hundred firms, with multinational companies like Jp Morgan Chase, Mitsumi, Pentax Corp., Marine Colloids, Fairchild Semiconductor, Tsuneishi Heavy Industries, Muramoto Audio-Visual, Lexmark International, Asahi Optical, Teradyne, NEC Technologies, Timex, Olympus Optical, United Technologies, Maithland-Smith, Taiyo Yuden and other companies to established manufacturing industries on the islands, leading the whole country in exports with growth rates for the past 5 years averaged close to 20% higher than that of the entire country. Government support and incentives provide a major development for its growth.
Cebu's labor force is oriented towards non-agricultural lines and is rated one of the most productive work force in the country. High domestic and foreign tourist arrivals, geographic location, accessibility and natural resources have fueled the development growth of Cebu with an excellent industrial record and now the fastest growing economy in the Philippines.
Cebu is home to some national and international corporations like AAA Commercial Broker & Consultancy Inc, Ayala Corporation, JobsDB.com, Gaisano Group of Companies, Aboitiz Group of Companies, WG&A, Norkis Group of Companies, Bigfoot International, Affiliated Computer Services (A Xerox Company), Lexmark Philippines Inc., Lhuillier Jewellers and among others. Its international port (cargo and container) is currently one of the busiest in the country. Homegrown brands in the city have expanded throughout the past years finding success in the national and even in the international market like Penshoppe, Oxygen, Loalde and Island Souvenirs. Other homegrown brands that have expanded outside the city and province include BO's Coffee Club, Julie's Bakeshop, Orange Brutus, Mother's Fried Chicken and other businesses.
Due to its burgeoning furniture-making industry, Cebu has been named as the furniture capital of the Philippines. The Department of Trade and Industry in Cebu is aiming to develop this aspect of Cebu's economy by specifically targeting small to medium enterprises or SMEs whose products are considered export quality. Cebu is also becoming an IT hub as many companies, either local or international, are establishing their headquarters in Cebu. The city has become a site for various call centers and BPOs. The Cebu Chamber of Commerce and Industry, an organization of Cebu's businesses, are hedging the city's growth and economy on information and communications technology, with the aim of making it a premier ICT investment, software and e-services hub in Southeast Asia. Shipbuilding companies in Cebu have manufactured bulk carriers of up to 70,000 metric tons deadweight (DWT) and double hulled fastcrafts as well.
The Cebu International Convention Centre serves as a landmark in recognition of Mandaue City’s involvement in the international trade. As venue of the 12th ASEAN summit, the city continues to establish an important role in international industrial relation, becoming the core of development and strengthening its role as the growth center of the province of Cebu.