Visayas to grow faster than entire PH economy — NEDA
The Visayas region will zoom ahead over the next five years.
The National Economic and Development Authority (NEDA) expects Visayas to outpace the projected 7-8% growth for the Philippines.
Socioeconomic Planning Secretary Ernesto Pernia said growth in the region will range between 7.7-8.3%, well ahead the growth rate for the entire economy between 2017 to 2022.
Growth will be propelled by upbeat travel and tourism, call centers, manufacturing, and construction in the Central Visayas, while food and agribusiness will drive growth in the East.
In particular, the industry and services sector will dominate regional growth, as it takes up over 90% of the local economy. Industries are seen to expand by at least 10% over the next five years, Pernia told members of the American Chamber of Commerce of the Philippines-Visayas Chapter at the Radisson Blu Hotel, Cebu City.
Growth will become more focused on the regions under President Rodrigo Duterte, Pernia said.