(Updated 6:05 p.m.) Commerce in Cebu Province is recovering from Tuesday’s 7.2-magnitude earthquake that struck Central Philippines, with most establishments back in businesses Wednesday despite the social impact of the tremor that killed at least 144 people and affected more than 2.8 million people in 879 villages in 27 towns and seven cities. 

“Most of our members have resumed operations, actually,” Lito Maderazo, Cebu Chamber of Commerce and Industry president, told GMA News Online.   

For government, it is still to early to place a price on the economic cost of the latest havoc induced by nature. 

Socioeconomic Planning Secretary Arsenio Balisacan said the Philippine economic team is still assessing the economic toll on the hardest hit areas in Central Visayas. 

“We may be able to come up with an initial assessment by tomorrow,” he said in a text message to GMA News Online. 

Cebu City –  the second most populous Metropolitan area in the Philippines after the National Capital Region – is “lucky enough to sustain only minor damage,” Maderazo said. 

Other than two “badly hit” public markets and two hardware stores in  low-rise buildings in Mandaue and Cebu Cities, commercial and industrial buildings sustained “superficial” damage, he noted. 

Cebu utilities restored

According to the National Disaster Risk Reduction Management council, at least 144 were killed and 558,390 families or over 2.84 million people in 879 villages in 27 towns and seven cities were affected by the earthquake.

Work in Cebu’s business process outsourcing and manufacturing sectors were suspended Tuesday after a quake struck neighboring Bohol province. 

Over P75 million worth of roads and bridges were damaged, according to initial estimates by the Department of Public Works and Highways.

In an NDRRMC briefing Wednesday, DPWH engineer Maria Visna Manio said the initial cost of damage to infrastructure totaled P75.15 million.

She said 23 bridges were damaged while five roads remain unpassable in Bohol. She placed the damage at P57.5 million.

In Cebu, two flyovers and five bridges were partially damaged to the turne of P17.65 million.

At least eight economic zones and industrial and IT parks are located in Cebu Island.

But water, electricity, and communications were restored in Cebu hours after the deadly quake, Maderazo said. 

In a statement Wednesday, state-run National Grid Corporation of the Philippines said operations in Leyte, Cebu, Negros, and Panay are normal. 

Several lines that tripped on Tuesday were restored within hours, except for the Tagbilaran Carmen line servicing portions of Bohol province which is still being restored.

Business officials in Bohol could not be reached as of this posting. 

Malls open, banks stay closed

Operators Ayala Land Inc. (ALI) and SM Prime Holdings Inc. early Wednesday announced the re-opening of their respective shopping mall, but banks opted to suspend operations for the second straight day. 

SM City Cebu ans SM City Consolacion were opened Wednesday, 12 noon, SM Supermalls noted on its official Twitter account.

In an e-mailed statement to news outfits, ALI affiliate Cebu Holdings Inc. said Ayala Center Cebu will resume operations Wednesday after consultants declared the property as “structurally safe and sound.”

The buildings were given clearance, but Ayala Land said mall hours were shortened to 5 p.m. as safety precaution.

However, it will be up to the managment of business process outsourcing companies renting the premises to decide on when to resume operations, ALI added.

Lenders Citi Philippines, East West Banking Corporation, and Bank of the Philippine Islands announced that their branches in quake hit areas remain shuttered for safety reasons, according to separate bulletins. 

Maderazo said businesses were making decisions to open or stay closed based on recommendations of structural engineers’ that reflect on the integrity of the infrastructure and whether there are enough employees reporting for work. 

While not all companies in the Mactan-Export Processing Zone have resumed operations, because “some of the people are still worrying for their safety,” most retail shops have opened for business, he added. 

 VS, GMA News