Labella signs EO creating trade, investment center

Johanna O. Bajenting

A ONE-STOP trade and investment center for businesses and investors will soon rise in Cebu City under the partnership of the City Government and the Cebu Chamber of Commerce and Industry (CCCI).

Cebu City Mayor Edgardo Labella, who was the keynote speaker during the general membership meeting of the CCCI Wednesday, Jan. 29, 2020, announced the creation of the Cebu Investment Development Concierge Center (CIDCC).

“CIDCC is a one-stop trade and investment center for businesses and investors interested to locate and invest in the City and Province of Cebu and is a flagship Public-Private Partnership,” he said.

Executive Order 41 known as an “Order Establishing the Cebu Investment Development Concierge Center (CIDCC) and its Governing Board and Providing its Functions” was signed by Labella on Wednesday.

The CIDCC Governing Board will be headed by Labella. The board will be composed of three representatives from the CCCI and another three representatives designated by the Cebu City mayor.

The CIDCC will have functions such as providing reliable and up-to-date data on the investment opportunities in Cebu City, linking investors with appropriate agencies and conducting business intelligence research.

CCCI president Virgilio Espeleta said they have high hopes for the CIDCC after going through many consultations and meetings in the past months.

The facility will be located at the second floor of the CCCI building beside the Anti-Red Tape Authority.

“It sends a very good message to our investors,” Espeleta said.

Earlier, the CCCI president said the business sector wants to have a comprehensive investment map of Cebu so they could properly accommodate investors who are seeking business opportunities, especially those who come to Cebu for trade missions.

He noted that Cebu needs to have a complete database of potential industries that fit Cebu’s economic landscape as well as updated economic data from various government agencies.

The map would contain the “investable” industries and the potential locations of these needed investments.