The National Economic Development Authority (NEDA) regional office in Palo, Leyte. (File photo)
TACLOBAN CITY – The National Economic and Development Authority (NEDA) has cited three opportunities for Eastern Visayas to sustain its economic growth this year.
The enactment of the Rice Tariffication Law, the Ease of Doing Business Act, as well as election spending are the three major developments that would sustain growth in the 2019 Gross Regional Development Product (GRDP), said NEDA Regional Director Meylene Rosales, in a phone interview Monday.
Rosales said the consistent lackluster growth of agriculture and fishery sector will be fixed through thorough and cohesive structural reforms with the enactment of Rice Tariffication Law.
“It provides for the establishment of the Rice Competitiveness Enhancement Fund (RCEF), which will funnel PHP10 billion annually to the rice sector for the next six years. This is expected to improve the competitiveness and productivity of the sector, thereby increasing farmers’ income,” Rosales added.
In 2018, the agriculture and fishing sector went down by 0.5 percent in 2018 from 0.1 percent growth in 2017. The sector contributed 14 percent to the regional economy last year. The sector’s performance is a “letdown” due to limited productivity and dwindling fish catch.
The signing into law of Republic Act 11032, otherwise known as the Ease of Doing Business Act, last year will simplify the requirements and streamline procedures in starting and opening a business in the region.
“This is anticipated to enhance business competitiveness, lessen bureaucracy, and reduce opportunities for corruption, thereby attract local and foreign businesses to invest in all parts of the country. However, we need to ensure efficient transport, communications, and the overall logistics network to support this endeavor,” Rosales said.
This year’s election season is expected to increase spending and intensify economic activities in the region.
“Expenditures incurred during the campaign period are anticipated to drive economic growth. But beyond the projected growth, this important milestone in our citizenry is a crucial step in sustaining these recent developments,” she added.
The region, composed of the provinces of Leyte, Samar, Biliran, Southern Leyte, Eastern Samar, and Northern Samar posted a 5.9-percent growth in 2018 largely due to the accelerated performance of the services sector.
Last year’s GRDP growth is within the 5.8 percent to 5.9 percent growth forecast set under the 2017-2022 Regional Development Plan, according to NEDA.
GRDP measures the value of goods and services produced by a region. The figure of all regions sums up to the gross domestic product of a country. (PNA)
