CHIEF Economic Development Specialist Engineer Cecilio Clarete of the Development Research Division of National Economic and Development Authority-Region-10 confirmed that over the past 10 years, the regional economic situation has been doing great and it remains the fastest growing economy in the island.
“We could claim that we, Region 10, is still the fastest growing economy in Mindanao, we are certain of that,” Engr. Clarete said.
In the 3rd quarter of 2014, the economic situation of the region has increased compared to the same period in 2013.
In Agriculture, palay production grew by 5.79 percent while the rice sufficiency level has reached 83.63 percent. Rice Inventory went up by 20 percent. Copra production has increased slightly by 0.20 percent. Production of major crops such as vegetables, root crops fruits increased by 6 percent and industrial crops have increased by 15 percent. Livestock and poultry production was up by 3 percent. Fish production however declined by 2 percent due to the occurrences of the low pressure area (LPA). Decrease in marine fishing was also experienced due to lesser appearance in migratory species and even the in-season species.
In the non-agricultural production investments which are DTI-monitored, a significant increase by 577 percent has been registered. Security and Exchange Commission (SEC)-registered investments, however have decreased by 16 percent. Cooperative Development Authority (CDA)-registered investments have reached up by 4 percent.
Lowest rate of underemployment in the region
In labor and employment, employment rate in the region increased by 0.8 percent based on the results of Labor Force Survey. There is also a notable reduction in underemployment rate at 22 percent, the lowest rate in the last 10 years.
Tax collections by the Bureau of Internal Revenue (BIR-X) have increased in 19 percent. Customs collections have improved by 7.2 percent. Due to the cessation of operations of the Telecommunications Office (TelOf) services to the general public in September 2013, a decrease of 13.99 percent has been registered.
On the other hand, the air traffic posed a decrease of 21.95 percent. Laguindingan Airport’s stoppage of operations of Philippine Airlines flights going to Davao and Cebu, Cebu Pacific flights going to Cebu and cancellation of two daily flights by Air Asia have contributed to the decrease. But it is expected that it will bounce back in the first quarter of 2015. In Labo Airport, Ozamiz City showed a decrease by 25.46 percent while in Camiguin Airport, an increase of 53.75 percent has been noted.
Ship calls have decreased by 6.76 percent in Cagayan de Oro port. In private ports, there is also a decline in ship calls by 5.87 percent. In containerized cargoes, there is an increase by 12.36 percent.
The motor vehicle registration has increased by 8.80 percent. The Land Transportation Office (LTO) frontline services have also increased by 12.62 percent.
In electrification status, the household energization has posted 85.43 percent while the sitio electrification has accomplished an increase by 71.18 percent.
The total energy sales have increased by 0.87 percent.
“With all the data and statistics presented, they only speak of a very good and a great sailing economy and we can only hope this pacing will continue," Clarete ended.