Cebu, Philippines (3 February) -- Moody's Investors Service upgrade of the country's credit rating to positive from stable pleased President Gloria Macapagal-Arroyo.
More so because it was announced while the President was on a "global engagements" with leaders and businessmen in a World Economic Forum in Davos, Switzerland recently.
Moody's cited the government's "easing dependence on external financing; economic conditions and financial performance are mutually re-enforcing each other, as some of the reasons for its upgrade.
In similar developments, the Finance Direct Investment magazine of the Financial Times Group cited Cebu City as no. 8 in the list of Top 10 Asian Cities of the future.
The local business community was obviously pleased with the news. They say it is encouraging and a welcome development, specifically to all those sectors that work together to make Cebu City as one of the top cities of the future.
The Cebu Chamber of Commerce and Industry (CCCI) led by its president, Francis Monera said, the chamber has a strong partnership with the government in pursuing advocacy and promotion of the city as an investment haven.
Monera further said that Cebu City was also ranked 4th as most cost-effective city; 7th in best quality of life and the only Philippine City that is listed for best development and 2nd in best promotion.
The local businessmen agreed that the rankings were the results of the hard work of both the local government units and the business community in promoting Cebu as an attractive investment hub.
However, Monera said that Cebu City got low marks in the list of best infrastructure, most business friendly, best human resources and best economic potential.
The chamber further said that Cebu City can improve on those areas, specifically on the infrastructure because "we are talking about cities of the future."
According to the businessmen, Cebu City enjoys an advantage compared to other Philippine cities because it is not so small nor too big; it has beautiful beaches, fresh mountain air and malls tat are very accessible.
It also has several good colleges and state universities. "We can nurture children better in Cebu than in other cities," Monera added.The CCCI said that if businessmen, government and the private sector work hard together, "we can make our ranking higher in those areas where Cebu City is lacking. (PIA-Cebu/MBCN)