This year’s tax reforms and rising inflation has shaken Cebu’s, as well as the Philippines in general, local business community. Mandaue Chamber of Commerce and Industry president Stanley Go said there were a lot of fears midway because of inflation brought about by the imposition of government policies as well as external factors like oil prices and exchange rates. Efren Carreon, National Economic and Development Authority director, said businesses in Central Visayas are still brisk despite challenges with inflation and the TRAIN law. He said tourism, the information technology and business process management industry, real estate, and manufacturing are major drivers of the region’s economic activity. Cebu IT-BPM Organization Managing Director Wilfredo Sa-a Jr. said 2018 is still a good year for Cebu as there is more growth of operations rather than contractions. He said some companies had even reported 100% growth. There was also the arrival in Cebu of new players such as global giant Amazon.
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