A PHP360bn (US$7bn) investment by the consortium of SM and Ayala at the South Road Properties (SRP) in Cebu City is expected to generate two million jobs directly and indirectly, with 480,000 coming from business process outsourcing (BPO) firms. This is the forecast of Cebu City Mayor Edgardo Labella, who led the recent groundbreaking of the multibillion project at the SRP.
The remaining number of positions will come from indirectly created jobs such as those in hotels, residential, and other business establishments that will rise in the 26-hectare lot. The two million jobs that will be generated will improve the lives of Cebuanos, the mayor added. The investment will also generate at least PHP22bn in taxes.