TACLOBAN CITY -- The National Economic Development Authority (NEDA) sees better economy in Eastern Visayas this year largely due to “multiplier effects” of post-Yolanda rehabilitation and business expansion in the region.
NEDA Regional Director Bonifacio Uy said on Wednesday they are optimistic to attain seven percent economic growth target this year, citing the region’s performance in the first six months of the year.
“The reconstruction efforts alongside strong business confidence, will continue to underpin vibrant investment climate, which has already manifested in the increase of business establishments, among others,” Uy said.
The business growth is mainly fuelled by Tacloban City’s new local incentives and investments code, ongoing construction of Robinsons Place on Ormoc City, opening of new businesses such as McDonalds as well the planned construction of City Mall in Palo town.
“These investments is envisioned to improve the socio- economic conditions of the region’s key growth centers. The influx of new investments will eventually provide more job opportunities,” Uy said.
Last year, construction registered the fastest growth of 44.5 percent among subsectors in the Gross Regional Development Product (GRDP). This was fuelled by the intensified implementation of public and private construction on top of the remaining post-Yolanda reconstruction projects.
The economic impact of massive infrastructure projects will be felt this year and beyond, according to Uy.
In the 2016 GRDP, Eastern Visayas turned out to be the fastest growing economy among all regions in the country. From 4.6 percent growth rate in 2015, it accelerated to 12.4 percent last year. This is the only double-digit growth rate in the country, and the first ever for the region. (PNA)