ECONOMIC outlook for Central Luzon for the rest of 2021 is generally positive.
Regional Development Council (RDC) Chairperson and Bataan Governor Albert Raymond Garcia said despite grim events and gloomy stance of the recent past due to Covid-19 pandemic, this year holds real promise for a variety of reasons.
"Our labor market situation is improving. Based on the January 2021 round of the Labor Force Survey by the Philippine Statistics Authority, unemployment rate in Central Luzon dropped to 8.5 percent. The figure is 1.1 percentage points lower compared to the 9.6 percent estimate in the last quarter of year 2020. Additionally, the labor force participation rate increased to 58.4 percent this January 2021 after falling to 57.3 percent in October 2020," he said during Wednesday's virtual Full Council meeting.
Inflation in the region, despite being relatively faster in the past two months, continues to be a manageable macroeconomic concern.
In the monitoring report of Department of Trade and Industry-Central Luzon for the period March 8-21, 2021, the agency noted that the prices of basic necessities and prime commodities were within the suggested retail price.
Meanwhile, the arrival of vaccines and the greater adeptness in viral management, together with a set of extraordinary responses through the implementation of National Action Plan Phase 3 and strengthened Prevent-Detect-Isolate-Treat-Reintegrate strategy, are enabling government to create an equilibrium both on health safety and economic recovery, and address the growing rate of hunger, poverty, joblessness, and income loss that arise from the pandemic.
"Truly, these fortunes came much earlier than expected. Nonetheless, our work does not stop here. We are conscious that there are still clouds on the horizon. We know that there remain challenges and threats that we must guard against to limit the undesirable consequences of the pandemic shock, and give way for the healing of our economy and society," Garcia said.
"Therefore, it is imperative for us to revisit our public expenditure package to ensure that it reflects our values and priorities for our people. We need to examine our budget proposals to guarantee that they will serve as financial expressions of our social and economic goals during these tumultuous times, and shall serve as our powerful instruments for pursuing inclusive and sustainable development," the official told RDC member Regional Line Agencies.
To help expedite the rebound, sustain the region's growth momentum and further address the pernicious effects of the health crisis and other future development challenges, there is a need to invest on growth-enhancing policies.
"It is necessary for us to continue building our infrastructure base to improve resiliency, and accelerate connectivity and linkages, food security, human capital development, energy, industrial growth, and urban development," Garcia said.
He vouched for the need to fast track the implementation, completion and commencement of operation of the following legacy projects that will truly improve the economic and social landscapes of Central Luzon: Clark International Airport New Passenger Terminal, New Clark City Food Processing Terminal and International Food Market, New Clark City Mixed Use Industrial Real Estate Development, MRT Line 7, PNR North Phase 1 and 2, Central Luzon Link Expressway and Cavite-Bataan Interlink Bridge.
"The affirmative signs of economic turnaround are gradually increasing as government pushes for gradual and safe reopening of the economy. The prospects for economic growth, therefore, remain strong. I therefore call on you to support our pursuit for equitable growth and development in Central Luzon. Let us band together to carry the responsibility of delivering a bright economic future for our region," Garcia said.