Agriculture remains backbone of Region 2 economy
Tuguegarao City (22 February) -- The agriculture sector has maintained its status as the highest contributor and the backbone of region 2's economy.
Based on the Annual Regional Development Report of the National Economic and Development Authority Region 2, the agriculture sector shared P27.68 billion, half of the total Regional Gross Domestic Product with 2% growth rate, the services sector contributed P9.37 billion while the industry sector shared P4.46 billion.
The report revealed that the two sectors registered modest growths of 3.5% and 2.6%, respectively. It also showed that the major contributor to the growth of the industry sector was the expansion of the region's special economic zone, which consequently induced the growth of the services sector.
It also showed that the region having and agri-based economy had intensified its effort on the development of the agribusiness.
The ?Fertilizer, Irrigation, Extension, Loans, Dryers and Seeds? (FIELDS) program of the Department of Agriculture played vital role in propelling the region's agribusiness in the past 2 years as it helped push the growth in palay and corn production.
Because of this, the region maintained its being the highest in corn production and second highest contributor of palay in the country.
Meanwhile, the positive performance of the three sectors was reflected further by the number of jobs created in the identified employment opportunities such as the micro, small and medium enterprises, and expansion of the economic zone.
However, the report also revealed that livestock, mining and quarrying sectors have recorded negative growth rate. (Oliver B/PIA 2) [top]