Cebu bizmen urged to expand beyond local market, tap East Asia

MANDAUE CITY, Cebu — Amid slow economic growth, weaker investment and continuing global uncertainties, a Cebu business leader is urging local businesses to expand beyond their current markets.

The Philippine economy grew by only 2.3% in the second quarter of this year, marking the weakest quarterly growth since 2021.

Jay Yuvallos, chairman of the East Asia Business Council (EABC), said these challenges should prompt local industry players to look beyond their traditional markets and explore opportunities abroad.

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As part of this effort, Yuvallos is encouraging local businesses to attend two business conferences scheduled in September that will focus on helping them transition into the global and East Asian business landscape.

Yuvallos is extending the invitation to members of the Cebu Chamber of Commerce and Industry, Mandaue Chamber of Commerce and Industry, Philexport Cebu and other Cebu-based business organizations.

The first event, the 24th MAP International CEO Conference, will be held on September 8. With the theme “In the Age of Flux: Next Inflection Points,” the conference will bring together business executives, policymakers and innovators to discuss the changes shaping businesses and economies.

The following day, September 9, the East Asia Business Council (EABC) will hold its first summit, “Business in the RCEP Economy: Competing, Connecting and Scaling Across East Asia.”

Both events will be held at Shangri-La The Fort in Manila.

The EABC summit will explore how businesses can take advantage of opportunities under the Regional Comprehensive Economic Partnership (RCEP) and expand their presence across East Asia.

Both events are also expected to give Cebu business leaders an opportunity to hear from regional and global speakers and connect with potential business partners.

Yuvallos said Cebu businessmen could use discussions from the two gatherings to assess how their businesses were performing and determine how they could respond to changes in the regional economy.

“Every generation of leaders faces defining moments when familiarity gives way to the unfamiliar, when assumptions are challenged, and when the decisions made today shape the opportunities of tomorrow,” MAP said in a statement.

It added that changes in technology, geopolitics, demographics and consumer behavior are already affecting how companies decide where to invest, hire, source products and reach customers.

For local businesses, understanding these changes is critical as competition in the region continues to intensify.

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