Business leaders in Cebu have expressed concern that the decision of members of the American Chamber of Commerce of the Philippines (AmCham) to suspend further expansion in the country will deal a severe blow to the growing economy of Cebu. Mandaue Chamber of Commerce and Industry Vice President for External Affairs Steven Yu said Cebu is heavily reliant on business process outsourcing (BPO) as a main driver of economic growth, and the majority of the BPOs operating in Cebu are owned by US firms. AmCham recently issued a position paper saying that 61% of its members will suspend their planned expansion because of the proposed second tax reform package, which seeks to modernize and rationalize incentives. Cebu Business Club President Gordon Alan Joseph joined industry and business leaders in asking the government to reconsider the terms of the second tax reform package to ease the worries of investors.
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