According to the Institute for Development and Econometric Analysis, Inc. (IDEA) latest Regional Monitor, Eastern Visayas gears its economic efforts towards its agri-business, Information and Communication Technology (ICT) and eco-tourism industries. The establishment of the ICT Park in Leyte is an effort to make the region one of the preferred ICT hubs in the country. It is expected to bring employment opportunities and technological transfer benefits into the region.
Moreover, other infrastructure projects such as rehabilitation and construction of roads and sea ports, as well as the upgrade of five domestic airports in the region, improve linkages among the provinces; these developments not only boost tourism in the area but also regional trade and commerce.
As of May 2010, the region is home to a total of 4.1 million people; a bulk reside in the province of Leyte, comprising a 44% share of the total regional population. Over the 2007 census figure, the average annual growth of the population in the region (4.8 percent) is higher compared to the national growth (4.1 percent).
On the provincial level, Biliran is the most densely populated among the six provinces in the region having about 301 people per square kilometer of land, followed by Leyte (274 people/ km2) and Southern Leyte (221 people/ km2). The overall population dependency ratio both for men and women in Eastern Visayas increased at 67.1 and 69.5 in 2010 from 40.8 and 39.6 in 2007, respectively. This jump might be due to a relatively younger population in later years; this has led to a higher current need for basic social services.
Per IDEA, cheaper alternatives to fuel-based production of electricity such as geothermal, hydropower, wind power, and ocean thermal energy exploration are also all being explored in the region, prospectively making Eastern Visayas one of the largest sources of natural energy in the country. Strategically located, Eastern Visayas is abundant with natural resources that if efficiently and effectively utilized could improve the quality of life in the region. Leyte. Abaca and sugarcane are also mainly grown in the provinces of Northern Samar and Leyte, respectively.
The Eastern Visayas Region’s economy is primarily driven by the services sector. According to the 2009 GRDP data from the National Statistical Coordination Board (NSCB), the sector contributed 47.3 percent to the total in 2009, equivalent to Php54.1 billion worth of services. This is slightly higher than its share of 46.5 percent in 2008.
Accordingly per same published report, the high growth rates in the service sector is brought by large investments in tourism and trade. In 2009, Real Estate, Renting and Business Activities were the largest driver of growth in the service sector having a 19.5 percent share in the regional economy. This was followed by Trade & Repair of Motor Vehicles, Motorcycles, Personal & Household Goods (8.1 percent), Public Administration &Defense; Compulsory Social Security (7.7 percent), Transport, Storage & Communication (4.8 percent) and Financial Intermediation (1.3 percent), according to IDEA.
For comments, rejoinders and questions related to credit & collection, send emails to elimtingco@yahoo.com.