Western Visayas targets 6.5% economic growth
Credit to Author: Tempo Desk| Date: Wed, 10 Jul 2019 10:05:08 +0000
ILOILO CITY – Western Visayas is setting its sights on at least a 6.5 percent economic growth for 2019, following a slump in the Gross Regional Domestic Product (GRDP) last year.
“With a 6.5 percent GRDP, it means the economy is robust,” said Regional Director Ro-Ann Bacal of the National Economic and Development Authority (NEDA).
Last year, the Philippine Statistics Authority (PSA) noted a 2.3-percent drop in the GRDP of the region comprising Aklan, Antique, Capiz, Guimaras, Iloilo, and Negros Occidental.
From 8.4 percent in 2017, the GRDP of Western the region fell to 6.1 percent the following year.
The slower growth was attributed to the poor performance of the agriculture and fishery sectors as well as the six-month tourism closure of world-famous Boracay Island in Malay town, Aklan.
For Bacal, the agriculture sector can bounce back if it can produce enough to fill the demand of the region, since 60 percent of food products come from outside Western Visayas.
Bacal said the region’s other potential destinations can make up for the losses absorbed by Boracay. The resort island has reopened, but authorities are limiting the number of tourists. (Tara Yap)