MANILA -- The government will continue implementing programs to increase investments to the Cordillera Administrative Region (CAR), which is touted as the fastest growing region, the National Economic and Development Authority (NEDA) said in a report on Monday.
The CAR Regional Economic Situationer said the establishment of Negosyo Centers in strategic areas in the region is being targeted for succeeding quarters.
The report said the Department of Trade and Industry (DTI) will continue the implementation of the One Town, One Product (OTOP) Next Gen product and market development, expansion of the Pondo Para sa Pagbabago at Pag-asenso (P3), and the establishment of the Fabrication Laboratory for CAR micro, small and medium enterprises (MSMEs).
It shall also implement convergence programs with other agencies like the Roads Leveraging Linkages for Industry and Trade (ROLL IT), Agribusiness Support for Promotion and Investment in Regional Exposition (ASPIRE), and Filipinnovation.
The agency shall continue the implementation of the Regional Interactive Platform for the Philippine Exporters (RIPPLES) Plus project to help MSMEs level up their export pathway stages.
DTI-registered investments reached PHP392.72 million for the first quarter, 17 percent lower than the previous year’s PHP473.91 million, but higher than last quarter’s PHP229 million.
This was attributed to the business sector’s seeming speculation on the effects of the Tax Reform for Acceleration and Inclusion (TRAIN) law, and anticipated to implement remedial measures to sustain their ongoing concerns.
The Regional Economic Situationer also expects the Department of Public Works and Highways’ infrastructure budget this year amounting to PHP19.8 billion will help boost the region’s construction sector with more public projects along with private construction.
CAR reported the fastest growth of 12.1 percent in 2017 from previous year’s 2.3 percent due to the rebound in the construction and manufacturing sectors.
“This was made possible by the government increased spending on public infrastructure and social protection,” NEDA Undersecretary for Regional Development Adoracion Navarro told media last week. (PNA)
