MORE SPENDING. Shoppers in downtown Tacloban City in this Dec. 23, 2021 photo. High expenditures in Eastern Visayas in 2021 have contributed largely to the revival of the economy slowed down by pandemic movement restriction, an official of the National Economic and Development Authority said on Friday (April 29, 2022). (Photo courtesy of PRTV Tacloban)
TACLOBAN CITY – High expenditures in Eastern Visayas in 2021 have contributed largely to the revival of the economy slowed down by pandemic movement restriction, an official of the National Economic and Development Authority (NEDA) said on Friday.
Household consumption rose to 10.2 percent last year, up from the negative 7.9 percent in 2020, NEDA Eastern Visayas Regional Director Bonifacio Uy said in a statement.
A report from the Philippine Statistics Authority (PSA) showed that the Gross Regional Domestic Expenditure (GRDE) reached PHP461 billion in 2021 with 89.7 percent coming from households.
“We thank everyone for their contribution to reviving consumer and business confidence. This means more operational establishments, more people employed, more income, and more spending,” Uy added.
Residents in the region, specifically, spent more cash on construction, durable equipment, and valuables.
In terms of government spending, there was a 6 percent growth in 2021 as more people avail of the stimulus package.
The construction subsector also jumped by 12.3 percent as building activities resumed, Uy said.
Higher spending has buoyed the 6 percent growth of the Gross Regional Domestic Product last year, the official said.
The performance is a big jump from the negative 7.4 percent GRDP growth recorded in 2020.
“The robust 2021 GRDP performance reveals that indeed we are on the recovery path. We hope to accelerate growth in 2022 with the implementation of Executive Order No. 166, issued on 21 March 2022, or the 10-point policy agenda to hasten and sustain the country’s economic recovery from the pandemic,” Uy added.
With the 67.3 percent of the region’s population now fully vaccinated, the NEDA regional chief is upbeat that this will enable the safe and full reopening of the economy, allowing more Filipinos to work and earn a living, and join face-to-face learning. (PNA)
