8% economic grow in Davao expected

THE REGIONAL office of the National Economic and Development Authority (NEDA) projected that the region’s economy will grow this year at a maximum of eight percent as most industries are expected to accelerate.

Maria Lourdes D. Lim, regional director of NEDA XI, said in the recent presentation of 2015 Report on the Economic Performance of Davao Region that this is projected as the region is seen to recover from dry spell.

The region, she said, will also have increases on public infrastructure and real estate projects.

For public infrastructure, Mariano R. Alquiza, regional director of Department of Public Works and Highways XI, said their budget increased to P19.5 billion this year from last year’s allocation of P14.3 billion.

The current budget, Alquiza said, has been set aside for the establishment of 752 infrastructure projects.

With the increases on spending especially for infrastructure projects and projected recovery from the onslaught of long drought, the region’s economic growth rate is projected to propel against last year’s performance.

Ruben D. Abaro Jr., regional director of Philippine Statistics Authority XI, said the region’s growth decelerated to 7.9% in 1995 from 9.3% in 2014. He said this prompted as the major sectors such as agriculture, hunting, forestry and fishing (AHFF), industry and service were experiencing a slower growth.

Data from PSA XI showed that the growth rates of AHFF declined to 1.4% from 2.6%, industry at 11.6% from 14% and service at 7.4% from 8.5% the previous year. Though the sectors’ growth rates decelerated, the value of gross domestic product increased to P303.727 billion from P281.441 billion in 2014, basing at constant 2000 prices.

Davao Region, Abaro said, now ranked third with the fastest growth rate as of last year from placing as first in 2014. By Kristianne M. Fusilero

Posted in Latest News