Economic Sector

General Business activities gravitate towards and revolve around the town proper (Poblacion and neighboring Barangays).  This place is the commercial area and is considered as the hub of business and trading activities in the municipality.  The public market, located in Barangay Poblacion and its immediate vicinity as well as the government square comprise what could be considered as the town’s version of the “Central Business District”.  There are actually two trading centers in the municipality.  The main public market in Poblacion and the market in Barangay Pilipog, where fishers directly sell their fresh catch.

In 2016, the Municipality of Cordova ranked 10th overall among 3rd to 6th class municipalities in the entire Philippines on the categories of economic dynamism, government efficiency and infrastructure.

Table 17 gives an overview of the size of the economy in the Municipality of Cordova, Cebu.  In 2014, total registered firms declared a total sales of P66,926,411.12.  It recorded an unprecedented 179% increase in the year 2016.  An increase of 15% was recorded in 2018 which amounted to P1,482,720,117.19 gross sales.  In analysis, it can be said that Cordova’s economy is doing well.

In terms of business registration, it is apparent that it is increasing which means that there are now more businesses in Cordova with the latest total capitalization of P37,925,000.00.  It also generated employment of 2,213 workers.

Table 1. Size of the Economy
Gross Sales of Registered Firms

YearTotal
201466,926,411.12
2015174,896,714.40
2016487,643,206.95
20171,290,235,871.99
20181,482,720,117.19
2019
Source: Business Permit and Licensing Office

Table 18. Number of Business Registrations

YearNewRenewalTotal
201186245331
201269232301
2013108273381
2014109326435
2015137320457
2016121397518
2017150443593
2018146512658
Source: Business Permit and Licensing Office

Table 19. Total Capitalization of New Businesses

YearNew
201530, 553, 419.00
201631,620,250.00
201736,394,220.00
201837,925,000.00
Source: Business Permit and Licensing Office

Table 20. Number of Declared Employees

YearNumber Of Declared EmployeesTotal
NewRenewal
201125311001,353
201222910441,273
201361610321,648
201426416331,897
201520013751,575
20162138471,060
20172811,9122,193
20183031,9102,213
Source: Business Permit and Licensing Office

The entire municipality has a total of six hundred fifty-eight (658) registered businesses as of 2018.  There is only one (1) department store, no fast food chains yet but there are already convenience stores such as the 7/11.

There is no commercial bank, however there is the rural bank.  Also, offsite automated teller machines are available.

  1. Economic Base

    Primary

    Fishing, tourism (and eco-tourism), real estate, trade and commerce, and services are considered prime movers of the economic activities in Cordova.

    Commerce has gradually become an economic base in Cordova as there are established businesses in Cordova that provide employment to at least 1,060 people. Trade and commerce also comes with services which include food, beauty parlor, massage, courier, and the like. So far, there is the Gaisano Grand Mall which can be considered as the shopping capital of Cordova. For convenience stores, there are already 7/11 stores. Food establishments and coffee shops also exist in Cordova. Soon, fast food industries will find their way in Cordova.

    Real estate business is a flourishing industry in Cordova with the valuation rise of the prime lots in Cordova. Increased in land value also translates to higher real estate tax, which means increased Special Education Fund (SEF), better school facilities, improved educational system.

    Secondary

    Transportation is also perceived as a lucrative business for both land and water passengers. To date, the Cordova RORO Port is operating daily transporting cargoes and passengers to Bohol and the islets of Mactan. Passenger banca operators can take advantage of this opportunity. In a couple years, the CCLEX will also be operational which draws passengers from Cebu to Mactan and/or to Bohol and the neighboring islets.

    Seafood processing industry could also be Cordova’s strong point since the town marine products are aplenty.

    Tertiary

    Industries can be gleaned from the desired scenario Cordova is visioning in the next ten years.

    Light industries and information technology industries are preferred since these engines of economic growth yet non-pollutive and less destructive. On the other hand, the Provincial Physical Framework Plan (PPFP) of Cebu has named Cordova part of the economic zones. It is projected to general job and livelihood opportunities for the Cordovanhons once realized.