Traders dismayed over CIPC’s looming closure

Business and civic groups voiced dismay over the looming closure of the Cebu Investments Promotions Center (CIPC) due to loss of funding from the Cebu City government.

In last Wednesday’s Cebu City Council meeting, CIPC managing director Joel Mari Yu said they may close shop in a few months because the city’s P5.4 million annual assistance has not be released until now.

Cebu City Mayor Michael Rama said the Cebu City government cannot support the CIPC if it doesn’t have a board of trustees.

Like the business leaders, Rama also said the CIPC needs to find other funding sources.

“We have been totally deprived of funding from the city. We had to reduce from a nine-employee team to just four now,” Yu told the council.

Replicate

He said they have to cut down their staff from nine to four.

Greg Gabison, Cebu Educational Development Foundation for Information Technology (CEDF-IT) president, said the CIPC managed to lure investors to Cebu City.

He said the CIPC lured 17 outsourcing companies in the city last year.

“Frankly it’s hard to replicate what CIPC is doing,” Gabison said.

CEDF-IT executive director Jun Saa said they worked with CIPC for many years and credited it with building up a credible image for Cebu and promoting Cebu as a viable investment area.

“CIPC went to Manila to market Cebu as an outsourcing destination and the companies came and has been expanding operations here. So it will be a great loss for us,” Saa said.

Philip N. Tan, Mandaue Chamber of Commerce and Industry president, said CIPC’s closure would mean that another organization will have to assume its role.

But Rama said agencies like the Department of Trade and Industry (DTI), the National Economic Development Authority (Neda) and the Cebu Chamber of Commerce and Industry Inc. (CCCI) can do the CIPC’s job.

If the city needs an investment group, Rama said the city government can always create its own.