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Economy of Cebu

From Wikipedia, the free encyclopedia

Economy of the Province of Cebu
Cebu City, the financial centre of Cebu
CurrencyPhilippine peso (₱)
Statistics
PopulationIncrease 5,238,915 [1]
GDPIncrease $6.704 billion (nominal, 2021 est.)
GDP rank2nd (nominal, 2021 est.)
GDP growth
Increase 5.4% (2021)
GDP per capita
Increase $1,279 (nominal, 2021 est.)
GDP by sector
11.6% (September 2022 est.)
Population at risk of poverty
14.76% below poverty line (2018 est.)[3]
Increase 0.740 high (2019)
Unemployment6.37% (2022)
All values, unless otherwise stated, are in US dollars.


The economy of the Province of Cebu is the 2nd largest in the Philippines according to the Philippine Statistics Authority.[4][5] In 2021, the Cebuano's combined economy peaked at P869.9 billion, making it the 2nd largest in the nation next to Laguna P922.3.[6][7]

According to COA, Cebu has been currently reigning as one of the most populous province and the most richest province in the region for 8 consecutive times.[8]

Ceboom

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"Ceboom" is a combination of the term Cebu and boom. It is primarily described the province's rapid economical development in 1990. Before the event of Ceboom, Cebu was primarily crossed by Typhoon Mike.[9] It damaged thousands of houses in Cordova and leaving ships sinking. After the incident, renovation and construction were started and two major shopping companies opened in Cebu, ShoeMart or SM (now as SMPH) and Ayala opened that period.[10] More projects were proposed and the Marcelo Fernan Bridge was constructed then after.

References

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  1. ^ "Region/Province/City/Barangay - DOH" (PDF). DOH. Retrieved May 21, 2022.
  2. ^ "2018 to 2020 Economic Performance of Cebu Province" (PDF). PSA. Retrieved January 5, 2022.
  3. ^ "Poverty incidence (PI)". PSA. Retrieved December 28, 2020.
  4. ^ https://psa.gov.ph/ppa/id/168527
  5. ^ https://psa.gov.ph/ppa/id/168439
  6. ^ https://psa.gov.ph/ppa/id/168527
  7. ^ https://psa.gov.ph/ppa/id/168439
  8. ^ "Cebu is richest province in PH for eighth straight time". INQUIRER.net. 2022-10-17. Retrieved 2022-10-18.
  9. ^ "Typhoon2000.com..::10 WORST TYPHOONS OF THE PHILIPPINES (A SUMMARY)..::". 2008-05-22. Archived from the original on 2008-05-22. Retrieved 2022-10-19.
  10. ^ Dooc, Manny F. (2022-09-22). "Ceboom and the bridges of Cebu country - BusinessMirror". BusinessMirror. Retrieved 2022-10-19.