Friday , May 14 2021

Nada-Western Visasas unveils measures to boost economic growth

The National Authority for Economics and Development (NEDA) in Western Visayas is a bank on various measures that are located to overcome the slowdown in economic growth of the region.

The regional line agency reported earlier, in general, the region was a slower growth in all sectors last year.

In agriculture, for example, it reported a 1.4% decline. A further decline was recorded in the services sector, from 8.5% to 7.5%.

The industrial sector, meanwhile, is almost the same, from 8.7 in 2017 to 8.6% in 2018.

Ro-Ann Bacal, Regional Director of Neda-Western Visayas, said that one step to boosting economic growth is to quickly track implementation of infrastructure projects.

Bakal said there was a need to improve the utilization of fiscal resources to continue the region's priority programs and projects to encourage investors to establish their ventures here.

"Local leaders always have a more competitive view of government," she said, stressing the need to provide the necessary social services to needy populations.

During the recent press briefing on the 2018 regional economic performance of Western Visayas in Iloilo City, the Philippine Statistics Authority (PSA) reported that the region has a Regional Regional Product Localized (GRDP) growth rate of 6.1 percent during the calendar year 2017-2018.

This growth is lower than 8.6 percent in 2016 – 2017, according to the PSA report.

Despite adverse conditions last year, the region was the third highest producer of palay in the country near the Cagayan Valley and Luzon center.

Nada showed that sugar cane production, particularly in Negros Occidental, was down 26.2%.

This was attributed to the reduction of sugarcane planting areas in the West Visayas in response to low prices.

Other factors are a smaller stick due to the use of reduced fertilizer in the Visayas center and early cut of milling operations in northern Mindanao.

Animals, poultry and fishing products also experienced a decline in overall production.

Due to lower supply, the demand for these products increased, resulting in an inflation rate higher than 2.1% in 2017 and 8.4% in 2018.

Performance performance in public construction, from 4.3% to 14.3%

Percent), on the other hand, led to demand for skilled and unskilled labor.

Bakal said regular infrastructure projects for the government, as well as the private sector, are expected to lead to construction-related activity in the region.

These seem to increase the quarrying, import of building materials, opportunities for small ventures near the workplace, and increase the delivery of public services after completion.

Despite the slower growth of the economy, Bakel reported that poverty among families fell from 25% to 15.9%.

Domestic demand is expected to improve due to the increase in government employees' wages and the daily minimum wage.

From P256.50 to P298.50 effective May 2015 to P295.00 to P365 effective July 12, 2018 per charter and booking numbers 22 and 24, respectively.

"The implementation of poverty reduction programs also increased the income of the population," she added.

Moreover, the process of outsourcing business process (BPO) industry employed 21,500 employees in Iloilo City and 30,000 in the city of Bacolod in 2018.

However, Bakel stressed the need to attract more investors in the region to create additional employment opportunities and ultimately reduce the unemployment rate by 18.6%.

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