PHILIPPINES – The economy of Central Visayas accelerated to 8.8 percent in 2016, higher than the 4.9 percent recorded growth in 2015, according to latest data released by the Philippine Statistics Authority (PSA) in Cebu City today.
The continued growth was attributed to the upsurge of the industry in the region, according to the PSA 7 director Ronaldo Taghap during the presentation Thursday.
Based on the data presented by Taghap, the continued economic growth was attributed to the upsurge of the industry, with posted a 14.6 percent growth in 2016 from a 0.02 percent decline in the previous year.
In terms of share for 2016, services remained to account for the largest share of the region’s economic output with 55.5 percent, although slower than the 57 percent share recorded in the previous year.
Industry followed at 39.1 percent, leaving behind agriculture, hunting, forestry, and fishing, with 5.4 percent share.
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Manufacturing and Electricity, Gas and Water supply (EGWS) continued to accelerate by 5.9 percent and 7.7 percent, respectively. However, Mining and Quarrying decelerated to 1.0 percent from the growth of 3.0 percent in the previous year.
National Economic Development Authority (Neda) 7 director Efren Carreon said the 8.8 percent economic growth of Central Visayas surpassed the 8.6 percent target of the Regional Development Plans set in 2010.
In real terms, the Central Visayas economic reached P525 billion last year, the Neda 7 director said.
“We should be happy of the economic performance of Central Visayas. The economic performance of the region always exceeds the national growth,” Carreon said.
The Regional Development Council has recently approved the 2017-2022 Regional Development Plan, which forecasts the GRDP growth for Central Visayas to hit between 7.5-8 percent by the end of 2022. – BusinessNewsAsia.com