NEDA Eastern Visayas sees 5.7% economic growth in 2017

TACLOBAN CITY, Jan. 13 (PNA) -- The National Economic and Development Authority (NEDA) is eyeing a 5.2 percent to 5.7 percent economic growth this year, banking on private sector investments to sustain post-Yolanda gains.

The region, according to NEDA Eastern Visayas Regional Director Bonifacio Uy is keeping the positive outlook over the next years despite failure to maintain the 4.46 to 5.54 percent growth under the 2011-2016 Regional Development Plan.

In 2015, the region posted a remarkable growth of 3.9 percent in the Gross Regional Domestic Product (GRDP) due to massive post-Yolanda reconstruction activities.

The 2015 performance is a “significant turnaround” after the region incurred a 2.4 percent contraction in 2014, largely due to destruction of supertyphoon Yolanda.

The region suffered a big drop in GRDP in 2012 at negative 6.8 percent after a minimal 2.1 percent increase in 2011. It was followed with a big leap to 4.6 percent in 2013 due to good economy before super typhoon Yolanda struck.

“This year our growth would not be mainly driven by post-Yolanda recovery projects anymore, but by private sector investments in agriculture and tourism,” Uy explained.

Citing the 2015 report, the NEDA regional chief said that business optimism is high as the region received investment commitments valued at PHP7.5 billion, which was a triple-digit growth from the previous year’s value.

In a detailed list by the Board of Investments (BOI), newly-registered projects in 2015 comprise investments on renewable energy, manufacturing, and agribusiness.

“While the benefits of these investments are yet to trickle down, there is a promise of growth in the years to come. This is supportive of our vision of diversifying industries, which is geared to increase industrial value and mitigate economic fluctuation when major industries slow down,” he added.

The official is also positive on the benefits of major institutional and economic reforms across all sectors under the new administration.

“We are optimistic that Eastern Visayas will benefit from the agenda put forward by President Rodrigo Duterte administration, which puts emphasis on regional and rural development, especially along the agriculture and manufacturing sectors,” Uy said.

Eastern Visayas, composed of the provinces of Biliran, Leyte, Southern Leyte, Eastern Samar, Northern Samar, and Western Samar, is one of the country’s poorest regions based on the 2015 full year poverty report of the Philippine Statistics Authority.

With 38.7 percent poverty incidence among population, the region was ranked as the country’s third poorest next to Autonomous Region in Muslim Mindanao (53.7 percent) and Caraga Administrative Region (39.1 percent).

The region is situated in the middle of the Philippines and serves to link the islands of Luzon and Mindanao through the national road and nautical highway that runs through it. (PNA)

JMC/SQM