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Ni Ime Sornito
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MANILA – The Visayas region economy is projected to outpace Philippine economic growth over the next five years, as the government is working to disperse development to the regions to reduce inequality and foster inclusive growth.
During the general membership meeting of the American Chamber of Commerce of the Philippines-Visayas Chapter in Cebu City on Thursday, Socioeconomic Planning secretary Ernesto Pernia said the region’s growth is expected to be between 7.7 and 8.3 percent.
Economic growth in the region is projected to be driven by the industry and services sectors, which make up more than 90 percent of regional economies.
As identified in the Philippine Development Plan 2017-2022, growth in country’s gross domestic product (GDP) is expected to strengthen at 7 to 8 percent in the medium term.
Pernia, also National Economic and Development Authority (NEDA) Director-General, said Visayas plays an important role in national economic growth, citing Concentration, Connectivity and Vulnerability Reduction as its strengths.
“In terms of concentration, Visayas has the only copper smelting plant in the country, a major producer of geothermal energy, and is also a top producer of major agricultural and fishery products. In terms of connectivity, Visayas is the major link between Luzon and Mindanao,” he said.
He added the Visayas region would be able to contribute to improving national Disaster Risk Reduction-Climate Change Adaptation measures, following its experience from typhoon Yolanda.
“The Philippine economy appears robust now, but inequality across the regions remains and chronic poverty persists. Thus, the government will shift investments away from Metro Manila and into the regions especially in Visayas and Mindanao,” the NEDA chief added.
The country’s GDP remains concentrated in the National Capital Region , CALABARZON (Cavite, Laguna, Batangas, Rizal, Quezon) and Central Luzon. These three regions collectively account for almost two-thirds of total GDP. (PNA)
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