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Regional economic momentum to continue

Mactan, Cebu – A top official of the National Economic Development Authority (NEDA) in Region VII is confident that despite the series of calamities that struck Central Visayas, the economic momentum of the region will continue.

Neda-7 director Efren Carreon expressed confidence that the target of the region’s hitting the 7.5 to 10 percent growth rate in terms of gross regional domestic product (GRDP) for this year is still attainable as the damage wrought by typhoon Yolanda and the 7.1 magnitude earthquake just before that is “very minimal” based on last year’s economic performance.

Carreon cited that growth is “attainable” given the region’s strong economic momentum in the last three years.

Central Visayas grew by 9.3 percent in 2012, 6.8 percent in 2011 and 12.9 percent in 2010.

GRDP or gross regional domestic product is the aggregate of gross value added of all resident producer units in the region.

Carreon disclosed that in 2012,. Central Visayas GRDP was pegged at around P670 billion while the combined damage of the recent earthquake and typhoon was at P5 to 6 billion.

“The damage is about one percent of last year’s GRDP so the region will continue its momentum,” he said.

He also added that the calamities hit last quarter this year so it will not greatly impact the growth performance of the region.