Economy of Cebu City

lang="EN-US">The city is a major hub for the business process outsourcing industry of the Philippines. In 2013, Cebu ranked 8th worldwide in the "Top 100 BPO Destinations Report" by global advisory firm, Tholons. In 2012, the growth in IT-BPO revenues in Cebu grew 26.9 percent at $484 million, while nationally, the industry grew 18.2 percent at $13 billion.

Cebu Holdings Inc. and the Ayala Corporation created the Cebu Park District, the integrated, master-planned, mixed-use economic zones of the Cebu Business Park and Cebu I.T. Park. Both parks host various regional headquarters for various companies in the banking, finance, IT and tourism sectors, among others.

Shipbuilding companies in Cebu have manufactured bulk carriers of up to 70,000 metric tons deadweight (DWT) and double hulled fastcrafts as well. This industry made the Philippines the 4th largest shipbuilding country in the world.

Cebu Pacific Air (Cebu Air Inc.) is an airline owned by the Cebu-based Gokongwei family. In 2008, Cebu Pacific was named as the world's number one airline in terms of growth. The airline carried a total of almost 5.5 million passengers in 2007, up 57.4 per cent from 2006. On January 6, 2011, Cebu Pacific flew its 50 millionth passenger from Manila to Beijing. The airline aims to reach the 100 million passengers mark in 2015. Cebu Pacific commenced international long-haul flights to the Middle East on the Airbus A330-300. It had planned to service the U.S.A., Australia and some parts of Europe in the third quarter of 2013, but the plans have not yet been implemented.

With a revenue growth rate of 18.8 percent in 2012, the real estate industry is the fastest growing sector in Cebu. With the strong economic indicators and high investors’