Editing Cebu (section)

==Economy==
{{stack|float=left|{{PH poverty incidence}}{{key needed|date=June 2024|post-text=thousands? percentages? what?}}}}
{{See also|Economy of the Philippines}}
[[File:Cebu Business Park and IT Park skyline (Cebu City; 09-07-2022).jpg|alt=|thumb|[[Cebu City]], although independent from Cebu Province (together with [[Mandaue]] and [[Lapu-Lapu City]]), is the largest city and economic hub of the island.]]
"[[Ceboom]]", a combination of ''Cebu'' and ''boom'', has been used to describe the province's economic development. With many beautiful islands, white sand beaches, luxury hotels and resorts, diving locations and heritage sites, high domestic and foreign tourist arrivals have fueled the tourism industry of Cebu. Cebu consistently gets a big share of tourist arrivals in the Philippines and has become the tourist gateway to Central and Southern Philippines due to its central geographic location, accessibility, and natural resources. The province also hosts various national and international conferences every year.

About 80% of domestic and international shipping operators and shipbuilders in the Philippines are located in Cebu. Shipbuilding companies in Cebu have manufactured bulk carriers of up to {{DWT|70,000|metric|disp=long}}, and double-hulled [[fastcraft]] as well. Cebu's industry helps make the Philippines the 5th largest shipbuilding country in the world.

Cebu's extensive port facilities and its proximity to intra-Asian shipping and air routes are major factors which led multinational companies to establish offices or factories on the main island, as well as in the island of Mactan, where they are clustered in special economic zones known as the Mactan Economic Processing Zone 1 (MEPZ-1) and the Mactan Economic Processing Zone 2 (MEPZ-2). Due to its burgeoning furniture-making industry, Cebu has been named as the furniture capital of the Philippines. Cebu's other exports include: fashion accessories, guitars, coconut, coconut oil, dried mangoes, [[carrageenan]], gifts, toys, watches, cameras, electronic components, and housewares.

With a revenue growth rate of 18.8 percent in 2012, the real estate industry is the fastest-growing sector in Cebu. With the strong economic indicators and high investors' confidence level, more condominium projects and hypermarkets are being developed in the locality. An additional 100 commercial and residential buildings would be completed by 2015 and another 170 to 200 buildings are expected to be finished by 2017. 64 new hypermarkets will be developed in Cebu.<ref>{{cite web|url=http://newsinfo.inquirer.net/334233/real-estate-sector-fastest-growing-industry-in-cebu |title=Real estate sector fastest growing industry in Cebu |date=January 3, 2013 |website=SunStar Cebu |access-date=June 25, 2013}}</ref>

In 2013, Cebu ranked 8th worldwide in the "Top 100 BPO Destinations Report" by global advisory firm, Tholons.<ref>{{cite web |url=http://www.sunstar.com.ph/cebu/local-news/2013/02/12/cebu-rises-8th-best-site-bpos-267725 |title=Cebu rises to 8th best site for BPOs |date=February 12, 2013 |website=SunStar Cebu |access-date=March 18, 2013 |archive-date=March 17, 2013 |archive-url=https://web.archive.org/web/20130317032726/http://www.sunstar.com.ph/cebu/local-news/2013/02/12/cebu-rises-8th-best-site-bpos-267725 |url-status=dead }}</ref><ref>{{cite web|url=http://ph.news.yahoo.com/metro-manila--cebu-among-top-global-bpo-destinations-094957693.html |title=Metro Manila, Cebu among top global BPO destinations |website=Yahoo! Philippines |access-date=March 18, 2013}}</ref> The Cebu Chamber of Commerce and Industry, an organization of Cebu's businesses, is promoting the city's growth and economy on information and communications technology, with the aim of making Cebu the premier ICT, software and e-services investment destination in southeast Asia. Data gathered by the National Economic Development Authority (Neda) 7 showed that of the 98 BPO and IT companies operating in Cebu, 32 offer voice operations while 66 companies offer non-voice operations. Of the 95,000 employed by the industry, more than half or 50,000 are in the non-voice sector. In 2012, the growth in IT-BPO revenues in Cebu grew 26.9 percent at $484 million, while nationally, the industry grew 18.2 percent at $13 billion.<ref>{{cite web |url=http://www.sunstar.com.ph/cebu/business/2013/05/16/non-voice-overtakes-voice-operation-cebu-282691 |title=Non-voice overtakes voice operation in Cebu |date=May 16, 2013 |website=SunStar Cebu |access-date=June 25, 2013 |archive-date=June 5, 2013 |archive-url=https://web.archive.org/web/20130605162445/http://www.sunstar.com.ph/cebu/business/2013/05/16/non-voice-overtakes-voice-operation-cebu-282691 |url-status=dead }}</ref><ref>{{cite web|url=http://www.cebuholdings.com/feature/cebu-park-district|title=Cebu Park District, Cebu Holdings|access-date=April 26, 2017|url-status=usurped|archive-url=https://web.archive.org/web/20130101223915/http://www.cebuholdings.com/feature/cebu-park-district|archive-date=January 1, 2013}}</ref>

Cebu's economy is also driven by the mining and quarrying areas in [[Toledo, Cebu|Toledo]], [[Naga, Cebu|Naga]], [[Alcoy, Cebu|Alcoy]], and [[Danao, Cebu|Danao]].

Cebu even boasts being a subsidiary of one of the leading ice rink manufacturers in the world. These rinks are engineered and fabricated in Cebu by Ice Rink Supply and shipped worldwide<ref>{{cite web |url=http://www.icerinksupply.com | title=Ice Rink Supply, Banilad, Cebu |access-date=April 26, 2017}}</ref> and Freeze Point Rink Services.<ref>{{cite web |url=http://www.freezepointrinks.com | title=Freeze Point – Ice Rink Supplier, Mandaue, Cebu |access-date=April 26, 2017}}</ref>

Tourism is an important industry for the province. In 2019, Cebu welcomed 1.4 million foreign tourists,<ref>{{ cite news |last=Erram |first=Morexette Marie B. |date=January 25, 2020 |title=DOT: Cebu was 2nd top foreign tourists' destination in 2019 |url=https://cebudailynews.inquirer.net/283695/dot-cebu-was-2nd-top-foreign-tourists-destination-in-2019 |work=[[Cebu Daily News]] |access-date=August 31, 2022 }}</ref> and is one of the most visited in the country by both domestic and foreign visitors. Cebu Island has also entered the list of [[Condé Nast Traveler]]'s World's Best Islands rankings thrice: 2016, 2017 and 2019. [[Cebu City]] and Cebu Province, despite being administratively separated from each other, are often marketed as a single tourist destination, combining natural countryside scenery with urban attractions including cultural-historical sites and developing infrastructure.