Visayan cities close to Cebu, specifically Bacolod and Iloilo, have the potential for expansion, according to real estate company Federal Land Inc. (FLI). John Cabato, FLI senior vice president and head of sales and marketing, said they are considering Bacolod and Iloilo properties for development, noting the robust economy of the Visayas, including Cebu, due to rising investments. Cabato said Bacolod, Cebu and Iloilo are among the country’s top 15 most competitive highly urbanized cities based on economic dynamism, government efficiency, infrastructure and resiliency, citing the Department of Trade and Industry’s Cities and Municipalities Competitiveness Index 2018.
This is the reason why some BPO firms have shifted from Metro Manila to Cebu and Bacolod, and why many investors are looking at Iloilo for expansion thanks to its recent infrastructure projects, he said. The property firm added that as a prime investment destination, the region’s economy is expected to grow between 7.7 and 8.3% in the next five years, according to the British Chamber of Commerce Philippines. Cebu City is the second top outsourcing destination in the country, while Bacolod and Iloilo are in fifth and sixth place, respectively, according to consulting firm Outsource Accelerator.