Western Visayas seen to sustain economic growth

The National Economic Development and Authority (NEDA-6) believes that Western Visayas will be able to sustain its economic growth even amid challenges posed by the coronavirus disease 2019 (COVID-19) pandemic.

From 4.8 percent in 2018, the region registered a growth rate of 6.4 percent in 2019, making it the country’s fifth largest economy.

“Itong growth natin sa Region VI economy kaya natin itong i-sustain, but we have to address the COVID-19 pandemic based on the already existing health standards at marami pang interventions,” said NEDA-6 OIC regional director Meylene Rosales in an interview on IMT Conversations.

“’Yung dalawang objectives natin – saving lives and keeping the economy not only afloat but pushing it to further progress – ay mapanindigan natin. I am hopeful that the economy of Western Visayas would give us a bright light ahead,” she further said.

According to Rosales, banking on the development of the region’s services sector would significantly help revive the pandemic-hit economy.

“Ang Region VI economy is services-led. Kung titingnan natin ang contribution ng tatlong sectors, ‘yung may pinakamalaking contribution ay ang services sector. ’Yung services sector kasama na dito ‘yung tourism, mga hotels and restaurants, ‘yung ating mga shops, mga malls, at banking kasama din diyan,” she explained.

Rosales said the agriculture sector “could not uplift the economy of [Western Visayas] in the short run”

“Ang agriculture sector naman natin, sad to say, hindi malaki ang contribution. Kung titingnan natin ang regional pie, 16.9 percent ang contribution niya doon sa kabuuang GRDP (gross regional domestic product) ng Western Visayas. Sa national pie naman, barely 0.1 percent ang contribution niya,” she noted.

But Rosales emphasized that in the long run, agriculture “can be potent source of growth for [the region’s] services and industry sectors.”

“Remember ‘yung agriculture natin ito ‘yung ating base for many of agri-business industry, kasama na diyan ang food services. Ang mga eateries, restaurants syempre kailangan nila nga mga sangkap. Ang agriculture kailangan din for our economic recovery,” she said.

“Sa mga resorts and other tourism establishments, ‘yung mga turista kumakain naman so dapat mapalkis rin ang ating agriculture,” she added.IMT