Western Visayas is on the road to recovery, rebounding with a 5.9 percent economic growth rate in 2021 from its negative 9.7 rate in 2020.
“The economy of Western Visayas expanded by 5.9 percent in 2021, from the decline of 9.7 percent posted in 2020. Western Visayas remains the fifth largest economy outside of National Capital Region,” said Nelida C. Amolar, OIC Regional Director of the Regional Statistical Services Office VI (RSSO VI) of the Philippine Statistical Authority (PSA) during the conference on the economic performance of the region on Thursday.
She added that the region’s total gross value added was at PHP874.1 billion, an increase of PHP48.7 billion from PHP825.4 billion in 2020.
Of the 5.9 percent growth rate, agriculture, forestry and fishing (AFF) contributed .08 percentage points, industry with 1.6 points, and services at 3.5 percentage points.
All sectors posted a positive growth although the AFF decelerated to 4.1 percent from 6.4 percent in 2020; industry up by 7.3 percent from negative 9.3 percent and services at six percent from negative 14.2 percent.
Meylene C. Rosales, regional director of the National Economic and Development Authority (NEDA) for Western Visayas. in her message said the region can now “heave a sigh of relief” as “all indicators showed positive growth.”
She added that prospects for the region’s economy in the next six to 12 months remain bright.
“Our recent economic indicator showed that our region is on track to recovery as we enter the new normal and as Covid-19 is yet to become endemic,” Rosales added.
Source: Philippines News Agency
