SAN FERNANDO CITY, La Union July 6 (PIA) — Ilocos Region’s economy posted a positive growth for the first quarter this year, said the Regional Development Council 1.
In a presentation, NEDA Senior Economic Development Specialist Ethel E. Jularbal said agricultural production went up by 17.93 percent, from 889,739.35 metric tons (MT) in the first quarter of 2011 to 1,049,298.96 (MT) of the same period this year.
He said this was due to improved harvest of palay and corn hand-in-hand with more livestock and poultry production.
Production of major commodities were higher in the region which slowed down price adjustments to 2.19 percent from 3.30 percent a year ago. Thus, inflation rate was relatively lower at 4.15 percent from the 4th quarter in 2011.
Jularbal said a favorable investment climate with the business sector showed higher outputs in terms of investments generated in both private and priority industries.
Business name registration accounted for the biggest share with P1.2 billion or 56.69 percent worth of investments.
The bulk of investments in priority industries was accounted for construction and infrastructure registered P150.83 million or 57.16 percent.
On the other hand, a nose-dive in export revenues was recorded at US$ 4.67 million from US$19.21 million in same quarter of 2011, which translates a drop of 75.68 percent
Among the provinces, La Union was the top exporting province with total earnings amounting to US$3.82 million or a share of 81.70 percent of the regional total. Tobacco was the primary source of export revenues here in the province as it made up 99.92 percent of the province’s total.
In terms of loans, NEDA reported that loans granted by the Bangko Sentral ng Pilipinas, Development Bank of the Philippines, and the Land Bank of the Philippines amounted to P547.93 million or 19.66 percent lower than last year’s P682.01 million.
Based on the Stakeholders Economic Survey as regards the regional performance, NEDA disclosed a positive outlook on the region’s overall economy.
Improved business condition was attributed to the sound economic condition, increase in government spending, increase investments and employment brought about by the Public-Private Partnership implementation in the region in-line with the President’s directive, and continued improvement in the bureaucracy and governance. (ANL/MPA-PIA 1 La Union with reports from NEDA R1)