CENTRAL Luzon continues to be a growth driver in the Philippines with real gross domestic product averaging 7.8 percent from 2010 to 2017, said Bangko Sentral ng Pilipinas (BSP) official.
Speaking before Central Luzon stakeholders during the recent Sulong Pilipinas 2018 Philippine Development Forum in Clark, deputy governor Diwa Guinigundo of BSP said that it is much faster than the national average of 6.4 percent, mainly driven by industry, followed by services and then agriculture.
“Poverty incidence in the region has consistently remained below the national average from 21.1 percent among the population in 1991,” he added.
Central Luzon was also able to reduce it to 13.7 percent in 2009. By 2015, poverty has declined further to 11.2 percent. The region is expected to further reduce poverty incidence by just 8.5 percent.
“With the ongoing development of the New Clark City which is projected to be an economically-competitive city, more investments and opportunities for the region are expected to be carried out that will enable the Philippines to sustain its robust economic growth,” Guinigundo said.
International Monetary Fund projects the Philippine economy to grow by at least 6.5 percent in 2018, next to India which is projected to grow by 7.3 percent. (Carmela Jane F. Villar)