Region 9 economy drops from 4 to 12 Print
Sunday, 07 May 2017 18:06

Region 9’s growth rate has dropped from the the 4th to 12th spot among 17 regions in terms of economic performance, according to the latest data from the Philippine Statistics Authority (PSA.)

The data came from a yearly study of the economic performance of 17 regions in the Philippines by the PSA and the National Economic Development Authority (NEDA.)

In the same study, it was also reported that the region’s economic growth decelerated from 7.7% in 2015 to 4.7% the following year.

NEDA-9 Regional Director attributed the decline to a corresponding decrease in the Agriculture and Fishing sectors, considered as main drivers of the region’s economy.

Based on records, Agriculture, Forestry and Fishing sectors registered negative growth rates for the past year.

NEDA Regional Director Socorro Ramos said that the reason the decline in growth of the fishing industry is the low productivity among players in the fishing industry, from fisherfolks to fishing vessel operators.

A fishing industry representative explains that the low catch is due to the refusal of canning companies to purchase their products due to a prevous oversupply of fish.

This was attributed in part to the Closed Fishing Season, a government and private sector measure which bans fishing in open seas for three months in line with marine conservation.

Meanwhile, the decline of the Services sector comprising the transportation, storage and communication, trade and repair of motor vehicles, real estate, renting and business activities also contributed to a decrease in the overall performance of the region’s economy. (RGAAGo)