NEDA notes brighter Eastern Visayas economy in Q1

TACLOBAN CITY, July 22 (PNA) -– The Eastern Visayas economy in the first quarter had shown positive performance fueled by improved farm production, vibrant tourism, and higher tax earnings.

The National Economic and Development Authority (NEDA) said key indicators displayed gains in the beginning of 2016.

“Production increment of most crops sustained the year-on-year growth of the agri-fishery sector in the previous quarter. Fishery catch made a turnaround with a 15.43 percent increase,” said NEDA Regional Director Bonifacio Uy.

Production of selected agricultural commodities in the first three months of 2016 scaled up by 12.30 percent to 864,822.70 metric tons (MT), according to NEDA’s quarterly economic report release this week.

Higher production was noted for rice, corn, banana, pineapple, sugarcane, and livestock and poultry.

For fisheries, catch from January to March 2016 grew by 15.43 percent to almost 30,000 MT. Its value rose by 11.30 percent to PHP1.97 billion.

Tourism sector, one of the thrusts under the regional development plan, inched up by 14.4 percent in terms of tourist arrival. Domestic tourists posted an increase of 18.3 percent from last year.

“The increase in tourist arrivals generated tourist receipts of PHP1.34 billion, which was higher by 35 percent compared to the first quarter of 2015,” the NEDA report stated.

Taxes generated by the Bureau of Internal Revenue in the first three months rose by 18.7 percent year-on-year from PHP1.5 billion in 2015 to PHP1.8 billion this year.

“Similar to internal revenue collection, this quarter’s collection of customs duties, taxes, among others, which was worth PHP42.6 million, saw a 19 percent increase over the PHP35.8 million in the same period of 2015,” NEDA reported.

Socio-economic planners projected that growth will be sustained in the coming months due to higher spending during election period, revival of business sector, ongoing post-Yolanda rehabilitation, 

opening of new businesses, and impacts of change promised by the new administration.

Eastern Visayas region is composed of six provinces – Leyte, Southern Leyte, Biliran, Samar, 

Northern Samar, and Eastern Samar. It serves as the geographical backbone of the Philippines as it lies in the mid-easternmost border of the Philippines archipelago.

As embodied in its 2011-2016 Regional Development Plan, it was aiming to become a leader in agri-business, information and communication technology and a tourism haven as its contribution to the national goal of inclusive growth.

For this year, the region is aiming a 5.6 percent growth in the Gross Regional Development Product.

The region is the country’s second poorest, based on the latest Family Income and Expenditure Survey (FIES) result of the Philippine Statistics Authority. Poverty level inched up to 47.3 percent during the first half of 2015 from 45.4 percent three years earlier. (PNA)

LAP/SARWELL Q. MENIANO