Neda invests, drives economic growth in Eastern Visayas-A A +A
Tuesday, August 21, 2012
PALO, Leyte – The regional office of the National Economic and Development Authority (Neda) is banking on infrastructure investments to drive the local economy and hit growth targets.
Bonifacio Uy, Neda regional director, said that proper infrastructure will bolster effort to improve the performance of agribusiness, ecotourism, information and communication technology sectors.
Uy said he was confident with the achievement of the target because of infrastructure projects that have been lined up for the region such as the Samar Pacific Coastal Road, Millennium Challenge Corporation-funded road projects on Samar Island, completion of the Help for Catubig Agriculture Advancement Project, and Leyte water supply expansion.
The region’s gross regional domestic product (GRDP) grew by a mere 1.8 percent last year, slightly slower than the two percent increment recorded in 2010.
The region fell short in attaining 5.4 percent average growth target between 2011 and 2016. But this was broadly in line with the entire country’s performance, with growth falling to 3.9 percent last year from 2010’s three-decade high 7.6 percent.
Evangeline Paran, National Statistical Coordination Board regional head, blamed the region’s poor performance last year on the weak performance of the service sector, which accounted for 35.6 percent of the regional economy.
Growth of the service sector — the region’s second biggest economic contributor — slowed to 4.1 percent last year from 6.1 percent in 2010.
Industry was the biggest contributor at 44 percent. The region hosts the facilities of the Philippine Associated Smelting and Refinery Corporation and Philippine Phosphate Corporation
Eastern Visayas lags behind other Visayas regions such as Central Visayas, fueled by Cebu’s rapid growth, expanded by 6.2 percent last year while Western Visayas grew by four percent. (Leyte Samar Daily Express)