Economy of Cebu
.jpg) Cebu City, the financial centre of Cebu | |
| Currency | Philippine peso (₱) |
|---|---|
| Statistics | |
| Population |  5,238,915 [1] |
| GDP | $6.704 billion (nominal, 2021 est.) |
| GDP rank | 1st (nominal, 2021 est.) |
GDP growth | 5.4% (2021) |
GDP per capita | $1,279 (nominal, 2021 est.) |
GDP by sector |
|
| 11.6% (September 2022 est.) | |
Population at risk of poverty | 14.76% below poverty line (2018 est.)[3] |
| 0.740 high (2019) | |
| Unemployment | 6.37% (2022) |
All values, unless otherwise stated, are in US dollars. | |
The economy of the Province of Cebu is the largest in the Philippines according to the Philippine Statistics Authority.[4] In 2019, the Cebuano economy peaked at $6 billion, making it the largest in the nation.[5]
According to COA, Cebu has been currently reigning as one of the most populous province and the most richest province in the region for 8 consecutive times.[6]
Ceboom
"Ceboom" is a combination of the term Cebu and boom. It is primarily described the province's rapid economical development in 1990. Before the event of Ceboom, Cebu was primarily crossed by Typhoon Mike.[7] It damaged thousands of houses in Cordova and leaving ships sinking. After the incident, renovation and construction were started and two major shopping companies opened in Cebu, ShoeMart or SM (now as SMPH) and Ayala opened that period.[8] More projects were proposed and the Marcelo Fernan Bridge was constructed then after.
References
- ^ "Region/Province/City/Barangay - DOH" (PDF). DOH. Retrieved May 21, 2022.
- ^ "2018 to 2020 Economic Performance of Cebu Province" (PDF). PSA. Retrieved January 5, 2022.
- ^ "Poverty incidence (PI)". PSA. Retrieved December 28, 2020.
- ^ "Province of Cebu Leads the Economy of Central Visayas with 30.7 Percent Share from 2018 to 2020 | Philippine Statistics Authority". psa.gov.ph. Retrieved 2022-10-18.
- ^ "Cebu economy seen strong in 2019". SUNSTAR. 2018-12-31. Retrieved 2022-10-18.
- ^ "Cebu is richest province in PH for eighth straight time". INQUIRER.net. 2022-10-17. Retrieved 2022-10-18.
- ^ "Typhoon2000.com..::10 WORST TYPHOONS OF THE PHILIPPINES (A SUMMARY)..::". web.archive.org. 2008-05-22. Retrieved 2022-10-19.
- ^ Dooc, Manny F. (2022-09-22). "Ceboom and the bridges of Cebu country - BusinessMirror". Retrieved 2022-10-19.