Bicol economy growing faster than Metro Manila

LEGAZPI CITY -- The Bicol economy is growing faster than that of the National Capital Region with a 7.1-percent registered growth in 2012 fueled by services and industry, according to a study conducted by the National Statistical Coordination Board (NSCB) regional office, supported by the National Economic Development Authority (NEDA) regional office here.

Bicol’s gross regional domestic product (GRDP) grew at a rate of 7.1 percent compared to NCR’s 6.8 percent.

The NSCB and the NEDA attributed the high GRDP growth rate to the influx of tourists and robust trade and commerce here.

Gil R. Arce, NSCB regional director, said in a press briefing Friday that Bicol’s economic growth of 7.1 percent in 2012 was nearly four times faster than that in 2011.

“The main driver for the fast economic growth in the region is the services sector, which accounted for the biggest share of the region’s economy at 56.0 percent -- followed by the agriculture, hunting, forestry and fishing (AHFF) at 24.4 percent and industry at 19.6 percent,” Arce said.

The AHFF’s share to the regional economy, however, dropped from 25.4 percent in 2011 to 24.4 percent in 2012.

Arce said services, which cover trade and tourism, was the largest contributor to the growth of the region’s economy in 2012, accounting to 3.4 percentage points of the 7.1-percent growth while industry contributed 2.9 percentage points. The AHFF share was 0.7 percentage point.

Among the six provinces in Bicol, Albay province accounted for the biggest economic growth as businessmen, according to Luis G. Banua, NEDA assistant regional director, are very bullish in putting up more investments due to the rosy climate of growth, big number of tourist arrivals and positive economic performance.

Banua said the positive economic performance of Albay province is attributable to good governance under the leadership Gov. Joey Salceda, who also serves as the Regional Development Council chair, and good peace and order situation.

“Hotel and restaurant businesses are booming because of increasing number of tourists. We’re expecting very positive economic development in Bicol in the coming years, especially when the Southern Luzon International Airport (SLIA) becomes operational, as many tourists could fly directly here,” Banua said.-PNA