Region 6 economy grows fastest among 3 Visayas regions: report
The National Statistical Coordination Board revealed that economic condition of Western Visayas in 2009 remained sturdy as measured by its Gross Domestic Regional Product that accelerated by 5.9 percent as against the 4.3 percent growth recorded in 2008.
The NSCB, in the 2009 Economic Performance of Western Visayas report, disclosed that the region was able to maintain its position as the fourth largest contributor to the country’s Gross Domestic Product (GDP) at 7.6 percent and is also the third fastest growing economy in 2009, and the fastest among the three Visayas regions.
Most notably, it ranked first when it comes to contribution to the 1.1 percent national GDP growth rate for the said period with a .4 percent share.
“The Western Visayas economy showed impressive improvements amidst efforts for recovery from the ill-effects of typhoon Frank which devastated the region in the second quarter of 2008,” NSCB regional head Presentacion Penpillo said.
The largest contributor to the robust economy was the service sector with 47 percent followed by the industry sector at 29.1 percent and the agriculture, fishery and forestry (AFF) with 23.9 percent.
“The good performance was mainly brought about by the accelerated growths of all subsectors with private services on the lead,” the NSCB report showed.
Meanwhile, Economic Development Specialist Estela Paredes said that the report is directed towards planners and local officials for them to come up with sound planning based on their understanding of the region’s economic condition.
The performance report which was also being held simultaneous in 16 other regions nationwide signaled the official release of the estimates, Penpillo said. PNA
