Cebu's local officials and business leaders are being urged to adopt a long-term vision for economic development, particularly as the Cebu Business Month 2026 kicks off.
Investment banker Stephen Cuunjieng stressed the importance of proactive strategies during the Investment and Entrepreneurship Summit, highlighting a trend of reacting only when crises arise.
A call for proactive planning
“The biggest thing we do everywhere in the Philippines is nothing, until it’s too late,” said Cuunjieng.
Cuunjieng pointed out that Cebu has been experiencing "structural underperformance" due to persistent economic challenges, particularly in sectors like energy and infrastructure.
- Focus on long-term strategic planning
- Invest in critical infrastructure
- Rebuild the manufacturing sector
He emphasized the need for infrastructure investments that not only address current issues but also anticipate future demands. Cuunjieng compared Cebu's situation to successful airports in Hong Kong and Singapore.
He urged local leaders to prioritize airport runways and other critical infrastructure over short-term terminal improvements, stating, "Some things are more important than short-term profit."
Rebuilding manufacturing for economic stability
Cuunjieng also highlighted the importance of revitalizing the manufacturing sector, which he believes is essential for creating sustainable jobs and fostering economic growth.
He cited the need for policies that leverage the country’s natural resources effectively, drawing on examples from countries like Indonesia, which have successfully increased the value of their exports through strategic industrial policies.
Cuunjieng warned against the misconception that population growth alone would drive economic progress, emphasizing that productivity and workforce quality are paramount.
“What matters is productivity and the quality of the workforce, not sheer numbers,” he stated.
He concluded by calling for a collaborative approach between policymakers and technical experts to develop sustainable economic programs.
Cuunjieng's insights present a crucial opportunity for Cebu to shift from reactive measures to long-term planning, which could ultimately foster genuine, broad-based prosperity.