In the report, Cagayan Valley or Region 2, which comprises five provinces — Isabela, Cagayan, Nueva Vizcaya, Quirino and Batanes — has registered an impressive 10.7 percent GRDP growth from a modest 1.2 percent in the previous year.
"This, despite the major challenges during the year such as the fiscal crisis, rising oil prices and typhoons that raged (throughout) the country during the last quarter of the year (2004)," said Maryanne Darauay, OIC director of NEDA-Region 2, in her memorandum to NEDA Director-General Augusto Santos.
Darauay said the region’s vastly improving economy was bolstered by the remarkable performance of its agriculture, fishery and forestry sectors, which rebounded from a low 0.2 percent growth in 2003 to a high 16.4 percent in 2004.
"The growth in agriculture was propped up by the repair of national and communal irrigation systems, the aggressive campaign to use hybrid and certified seeds, and the favorable weather conditions during the first three quarters (of last year)," she said.
As a result, Darauay said the region’s per capita GRDP registered the highest improvement compared with the other regions, increasing to 8.9 percent in 2004 from 0.4 percent in 2003.
Likewise, she said the region’s GRDP also grew faster than the region’s population rate, which resulted in a per capita GRDP of P8,001 in 2004, higher than P7,345 the previous year.
The employment rate, according to Jarauay, also grew by 12.8 percent, with agriculture absorbing almost 60 percent of total employment, thus bolstering President Arroyo’s centerpiece program of job creation.
The poverty incidence in Cagayan Valley, the report added, also dropped from 25.2 percent in 2000 to 19 percent in 2004.
"Programs aimed to spur greater productivity in the agricultural sector and improve rural incomes were actively pursued, coupled with infrastructure development, environmental considerations and assistance to micro, small and medium enterprises," Darauay said.
These programs were carried out to market Cagayan Valley as a potential investment area and a major supplier of agricultural products. — Charlie Lagasca