Western Visayas economy bounces back in 2014

WESTERN Visayas recorded a flourishing gross regional domestic product (GRDP) of seven percent in 2012 but severely plunges to 3.4 percent in 2013 largely due to Typhoon Yolanda (Haiyan) and climate change.

The economy in the region, however, starts to bounce back to 4.9 percent in 2014 and is now targeting 5.9 percent in 2015 and positively beyond in 2016, the National Economic and Development Authority (Neda) reported.

Ma. Teresa Guadalupe, of Neda Western Visayas, said that as projected in the Regional Development Plan, 2011-2016, GRDP growth rate of 5.9 percent should be sustained. This means that every year GRDP should be equal to 5.9 percent or higher.

Neda reports showed that the region sustained its growth brought by the good performance of the three sectors: AHFF, services sector and industry sector.

Western Viasays was able to attain this only in 2011 with 6.2 percent and 2012 with 7.7 percent.

The region still has at least one year and a half before the Aquino administration ends, and hopes to achieve the 5.9 percent target for 2015 and 2016. (LCP)
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