ECONOMIC REPORT. Government officials from the economic sector answer questions from the media during a news conference on the 2023 Economic Performance of the Bicol Region in Legazpi City on Thursday (April 25, 2024). Jasmin C. Zantua, NEDA-5 assistant director, one of the participating officials, said economic plans and targets for the region are achievable and seen to result in growth rate. (PNA photo by Connie Calipay)
LEGAZPI CITY – The National Economic and Development Authority (NEDA) 5 (Bicol) said economic plans and targets for the region are achievable and seen to result in growth rate.
"The plan aims to revitalize the industry to generate more quality jobs towards economic transformation. Seaports, airports, and railways will be upgraded to international standards. The ongoing infrastructure projects, which include the PNR South Long Haul Project, Naga Airport, Pasacao-Balatan Tourism Coastal Highway Project and Camarines Sur expressway will improve connectivity in the region. The feasibility study for the relocation of Masbate Airport will be completed and approved," Jasmin C. Zantua, NEDA-5 assistant director, said in a news conference here on Thursday.
She said the different infrastructure and modernization programs anchored in NEDA's AmBisyon Natin 2040 program would help steer the local economy to the high-growth path.
Information from NEDA's website shows AmBisyon Natin 2040 represents the collective long-term vision and aspirations of the Filipino people for themselves and the country in the next 25 years. It describes the kind of life that people want to live, and how the country will be by 2040.
As such, it is an anchor for development planning across at least four administrations.
In an interview after the press conference, Zantua said, "Definitely attainable ang mga targets natin in the Regional Development Plan. More industries, more infrastructure projects, it's job-generating, mag increase yung employment rates, yung incomes, mag reduce yung poverty incidence (Our targets in the Regional Development Plan are definitely attainable. More industries, more infrastructure projects, its job-generating, increase employment rates, incomes, reduce poverty incidence)."
She said they aim to achieve a gross regional domestic product (GRDP) rate of 7 percent to 8.5 percent by 2028.
Zantua added that priority measures would focus on the expansion of the telecommunications and radio digital industries, improvement of education and health infrastructure and services, attainment of a 100 percent accomplishment rate on housing projects, enhancing financial literacy, and continued promotion of local and regional tourism activities.
The Philippine Statistics Authority (PSA) 5 reported on Thursday that the economic performance of the region, as measured by the GRDP expanded by 4.6 percent in 2023, lower than the 8 percent growth in 2022. (PNA)
