To cater to the demands of the growing economy of Cebu, electricity and power is another priority of the local government. The Leyte Geothermal Power Plant which also powers majority of the Visayas Islands is providing the province with enough supply of energy through an interconnection grid. The Visayas Electric Company facilitates the distribution of electricity. Several coal-fired power plants are also vital sources of electricity in Cebu.
Telecommunication Industry
Telecommunication facilities in Cebu are abundant empowered by some of the country’s largest telecommunication companies. Thus, internet connections such as DSL or broadband connections are readily available within the cities and throughout the province.
Currently as more businesses come in, there will be more advances when it comes to the telecommunication sate lights and towers to further strengthen the information technology industry in Cebu. As of now, IT Park or the Information Technology Park is one of the most advanced business center in Cebu. Having most of the Call Centers of Cebu there is enough proof that a lot of companies from the States and abroad are outsourcing here in the Philippines, preferably in Cebu City.
Financial Industry
In terms of financial systems, Cebu has always been inexhaustible, if not competitive. The province is the centre of almost 80% of domestic shipping in the country including air, shipping and cargo vessels. Proof of its stability can be seen through the existence of 50 commercial banks, 27 rural banks, 9 savings bank, 5 government banks and 2 off-shore banks.
Cebu’s wide-ranging accessibility to Asia and the rest of the world has attracted more than a hundred multinational firms and companies that led to their extended investment, a feat that brought steady momentum to its growth and development.
Exporting Industry
Cebu’s prime location in Asia and open locations gives it edge to easily export furniture and goods to the rest of the world. Some of the products it exports are housing and office furniture, electrical wiring, bathroom fixtures such as shower head and bathroom interiors, textiles and apparels. There have been a lot of true blooded Cebuano’s that have claimed international fame such as world renowned furniture designer, Kenneth Cobonpue and international designer Monique Lhuillier. These are proof of how strong Cebu has become and where it is going.
