Eastern Visayas economy grows by 1.8 percent in 2011

By Philippine Information Agency (PIA 8)
July 27, 2012

TACLOBAN CITY  –  The economy of Eastern Visayas in 2011 as measured by the Gross Regional Domestic Product grew by 6% if measured in current prices, and by 1.8 percent in real terms using constant prices.

This is the statement of NEDA Region 8 Director Bonifacio Uy during the news conference on the 2011 report of the National Statistical Coordination Board held on July 26 at the Ritz Tower de Leyte, hosted by NSCB-8 and moderated by PIA Region 8.

Director Uy’s statement was based on the presentation made by NSCB Regional Head Ms. Evangeline M. Paran on the 2011 Economic Performance of Eastern Visayas.

The 1.8% real economic expansion of the Region is lower than the Plan target of 5.26% for the year, Director Uy said. He, however, told the local media this is not really very poor performance considering that the country and at least ten other regions missed their respective growth targets in 2011.

As Director Paran has reported, for the Visayas, the service sector registered the highest growth of 4.1 percent while Agriculture, hunting, forestry and fishing and the industry sector grew slightly by 0.07% and 0.04%, respectively.

The Industry sector continues to be the dominant sector in Eastern Visayas contributing 43% to the GRDP, Director Uy said. This sector, according to him, holds the fastest growing sub-sector for the past two years. This, he said, is the Mining and Quarrying, with a tremendous growth of 62.3% in 2011. The major mineral products are chromite and magnetite from Eastern Samar and Leyte.

The top contributor to the region’s economy is again the Manufacturing sub-sector, accounting for a little more than a quarter or 26.3% of GRDP. Its 2011 Gross Value Added at current prices of about P60.8 Billion is 4.6% more than its value in 2010.

The economic stronghold of the manufacturing sub-sector still relies on the metals and chemical and heavy industries located at the Leyte Industrial Development Estate or LIDE.