Industry and services sector fuel's region's growth

CEBU, Philippines - With the region’s economy being one of the fastest growing in the country, the National Economic and Development Authority (NEDA) pointed out that this   should be translated to inclusive growth, benefitting the ordinary people. 

NEDA 7 Assistant Regional Director Efren Carreon cited the 2012 report on the economic situationer of the region that CV posted the highest growth on the Gross Regional Domestic Product of the country in 2010 at 12.5 percent. 

The growth was primarily driven by the industry and services sector that posted 22.1% and 8.8% respectively in 2010. 

With 11.1% for the industry sector and 6.4% in the services sector, the region ranked second to the highest at 7.9% following Region 13 at 9.6% last year.

The industry sector includes mining and quarrying, manufacturing, construction, electricity, gas and water supply while the service sector comprises of transport, storage, and communication, trade and repair of motor vehicles, financial intermediation, real estate, renting and business activities, public administration and defense, compulsory social security and other services.

Carreon emphasized that this economic development in the region should benefit the poor.  

“Poor people should also enjoy the benefits of economic growth not just the rich ones. I would be happier if the economic situation of the country gets better, if there is equal distribution of wealth,” he said.  

He added that the high spending power results to a higher demand of products and services for the manufacturing sector which leads to the increase on the volume of production, thus enabling companies to hire more and increase employment opportunities. 

He encouraged the government and the private sector to work together to further improve the competitiveness and attractiveness of the region. 

“I am confident that the economic activities will be sustained in the next semester and next year. We just need to work harder,” Carreon continued. 

In the 2012 economic situationer report, the areas of interest of investors include information technology, BPO and knowledge process outsourcing, tourism, real estate development and retail trade. (FREEMAN)