CIPC drafts campaign to re-package Cebu (South Road Properties)

CEBU, Philippines - After it successfully promoted Cebu as an ICT (Information Communication Technology) hub, Cebu will adopt a re-packaging campaign to lump together investments and tourism in the province.
(The Freeman) Updated June 08, 2009 12:00 AM

Cebu Investments and Promotions Center (CIPC) will soon draft an effective and unique promotional campaign for Cebu to re-package Cebu City as retirement and medical tourism hub, that will entice foreigners not just to visit here, but also make some investments in properties, such as condominiums.
Joining the program already introduced by the Department of Tourism (DOT) called as the “Live Your Dream” campaign, CIPC managing director Joel Mari S. Yu said Cebu will have a re-packaging bid as interest now especially from the foreign market, is not only considering Cebu as an investment hub, but also a good site for “vacation homes.”

This idea came about, after the CIPC noticed a drastic slowdown of ICT related investments in Cebu in the last few months, because of the continuous financial difficulties in the United States.
“We are always tied to the United States. Although the BPO [Business Process Outsourcing] is here to stay, and not at all a fad, but we also have to do something bigger and maximize our potential as attractive site for ‘vacation homes’,” Yu said in an interview.
Yu said CIPC saw a reduction of investors’ inquiries especially for BPO investments in Cebu in the last few months.
“Before, we used to entertain inquiries of investors once a week, now it will average from one to twice a month,” Yu said.
CIPC still has to finalize this re-packaging plan, Yu said adding that what will be the hottest destination for offering in this campaign is the 300-hectare South Road Properties (SRP).
Despite the ongoing controversy over the government-developed property, Yu said “everybody knows this is a political show. And there’s nothing wrong with the Filinvest investment.”
Yu said Cebu has to come up with a bigger program in terms of promotion and taking advantage of a rich pool of investors looking for vacation homes outside their respective countries, could bring in more money to Cebu.
DOT’s Live Your Dream" campaign, on the other hand, is an investment-tourism strategy to lure foreigners, such as the active retirees to invest on "vacation homes" in the Philippines.
If the campaign could attract at least 1,000 foreign buyers, and each would buy at least US$100,000 worth of vacation homes, it could easily generate US$100 million revenue to the Philippine economy.
DOT secretary Joseph Ace Durano earlier said that this concept was developed following the high satisfaction rate of the Philippines, as a destination to foreign travelers. Record shows that Philippines generated 87 percent satisfaction rate among foreign tourists. — Ehda M. Dagooc