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Philippine used car finance market sees Cebu as key growth area  

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Cebu Car Finance Market
Photo by Obi - @pixel9propics on Unsplash.

The Philippines’ used car finance market is poised for continued expansion, with the Visayas region, particularly Cebu, identified as a significant growth driver, according to a new report.

The study highlights Cebu’s increasing population and well-established network of organized vehicle trading channels as key factors fueling demand for financing options.

The report also points to a nationwide trend of rising disposable incomes, making vehicle ownership more accessible to a broader segment of the population.

Easy availability of financing, with financial institutions offering more flexible loan terms, and increasing urbanization rates, driving the need for personal transportation in cities like Cebu, are further contributing to the market’s growth.

Analysts anticipate that the emergence of fintech solutions will further democratize access to used car loans, particularly for lower-income individuals.

This digital transformation is expected to reshape the used car market landscape in the Philippines, with Cebu playing a central role in this expansion.

Cebu Business News

SM City Cebu kicks off Summer Fun Quest with games, sports, and family activities

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SM City Cebu Summer Fun Quest

SM City Cebu has launched its Summer Fun Quest, a season-long event running from April 7 to May 31, offering interactive activities, games, and family-friendly entertainment across the mall.

Held at the North Wing Atrium, the event features a mini golf zone and themed play areas designed to engage visitors of all ages. Simultaneous activities, including Summer Games at the Rotunda and Main Mall and a futuristic experience at Holoworld, are also ongoing.

On May 10, the mall will host the Pet Olympics at the Event Centre, an event aimed at pet lovers and animal enthusiasts.

The summer campaign is part of SM Supermalls’ broader push to promote sports and active lifestyles. In March, the company unveiled the SM Active Hub at SM Mall of Asia, described as the country’s largest sports engagement platform catering to both casual and competitive athletes.

SM Supermalls continues to position itself not just as a retail destination, but as a venue for lifestyle and community activities.

Cebu Business News

MCWD signs 25-year deal with Vivant Water for Metro Cebu desalination supply

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MCWD Vivant
MCWD General Manager Edgar Donoso shakes the hand of Vivant CEO Arlo Sarmiento during the signing of the JVA between MCWD and Vivant Corp. subsidiary Vivant Water.

The Metropolitan Cebu Water District (MCWD) has signed a 25-year joint venture agreement with Vivant Hydrocore Holdings Inc., operating under the trade name Vivant Water, to bolster water supply in Metro Cebu amid growing shortages.

Under the deal, Vivant Water will supply up to 20 million liters of desalinated water daily from its plant in Cordova, Cebu, to MCWD, which will distribute the water to its customers.

The agreement comes as Metro Cebu faces mounting pressure on its water supply due to population growth, rapid urban development, and climate-related disruptions. In early 2024, Cebu City declared a water crisis triggered by the El Niño phenomenon, which led to a daily shortfall of 50,000 cubic meters.

The new partnership aims to help address the supply gap and improve water security for the province. Vivant’s desalination facility, operated through its subsidiary Isla Mactan Cordova Corporation, is the first utility-scale seawater desalination plant in the Philippines.

“Vivant is committed to investing in essential infrastructure that enables communities to thrive,” said Arlo Sarmiento, CEO of Vivant Corporation. “This landmark partnership with MCWD reflects our long-term vision of delivering sustainable and impactful projects that support economic growth.”

The joint venture agreement is the culmination of a five-year process initiated by MCWD’s 2020 call for proposals under the National Economic and Development Authority’s joint venture guidelines. Vivant Water was awarded the project in 2022 following a competitive selection process.

Desalination is increasingly seen as a scalable solution for water-scarce areas. MCWD said the partnership with Vivant marks a critical step in reducing dependence on traditional freshwater sources and ensuring a resilient supply system for the region.

“Water security is essential to sustainable development, and this agreement showcases our dedication to innovative solutions,” Sarmiento said.

Vivant Corporation is a publicly listed holding company with interests in power and water infrastructure. Its water portfolio includes desalination, bulk supply, wastewater treatment, and distribution.

Cebu Business News

Welcome to CebuBusinessNews.ph!

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Cebu Business News
Photo by Zany Jadraque on Unsplash.

Welcome to CebuBusinessNews.ph, your comprehensive source for business, finance, events, and travel & tourism news in Cebu and the Central Visayas!

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