Central Luzon GDP grows 9.3% in 2017

CITY OF SAN FERNANDO -- Central Luzon business chambers lauded the Duterte administration for the growth the region experienced last year.

During the 27th North Luzon Area Business Conference over the weekend at the LausGroup Event Centre in the City of San Fernando, various business chambers from Central Luzon noted of the 9.3 percent rise in the Gross Domestic Product (GDP) of GDP, which is almost three percent higher than the national GDP of 6.7 percent in 2017.

The chambers attributed the growth to the Duterte administration’s massive infrastructure investments in Clark which is boosting private investments in the region.

Bases Conversion and Development Authority (BCDA) President and CEO Vivencio Dizon said that through the Build Build Build infrastructure program of the Duterte administration, the current government invests in high-impact legacy projects to provide Filipinos with efficient mass transport systems, quality road networks and sustainable cities that will enable interconnectivity and better logistics in the whole archipelago.

“The BCDA has been collaborating with the business community in building key infrastructure projects that spread investments in the countryside and drive regional growth. At present, the BCDA is on track to build the ‘City of the Future’ in the Philippines. The New Clark City is a modern metropolis that complements the expansion of the Clark International Airport, a world-class gateway to the North, and the construction of the Subic-Clark Railway,” he said.

Socioeconomic Planning Secretary Ernesto Pernia stressed that the country will move forward in 2018 with even stronger determination to accelerate growth to hit the target range of seven to eight percent.

“We are, of course, coming from the steady growth streak of 6.9 percent growth for full-year 2016 and 6.7 percent growth in 2017. Both are well within our growth range targets. For 2016 and 2017, economic growth has been strong and steady. Our hope for 2018 and in the medium-term is to shift the trajectory upwards some more,” he said.

The Build Build Build program, Pernia added, will continue its momentum in providing more opportunities to our country such as investments, job creation, connectivity, and dependable delivery of public services.

“At the core of the program are 75 high-impact infrastructure flagship projects that represent the major capital undertakings of the government, which will implemented within the medium-term. This includes transport, energy, irrigation and water supply projects to promote growth centers outside the urban-industrial region centered around Metro Manila.

"According to the Philippine Statistics Authority, the National Capital Region (NCR) remains the top contributor to the country’s GDP from 2010-2015 followed by Cavite-Laguna-Batangas-Rizal-Quezon quad and Central Luzon, primarily due to the expansion of the industry and services sectors and obvious proximity to NCR,” he said. (JTD)