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PIA Press Release

Region 8 economy performs generally well in the 2nd qtr of 2006

Tacloban City (October 8) -– Region 8 economy performed generally well in the second quarter of 2006. This is the overall assessment made during the validation of the quarterly regional economic situationer prepared by the National Economic and Development Authority (NEDA) in the Region based on data obtained from government agencies. The Roundtable discussion was conducted on October 3 at the La Rica Hotel in Tacloban City.

Most of the sub-sectors of the economy made substantial gains although a few performed unfavorably. Prices were generally stable with the overall inflation rate of 6.4 percent lower than the national inflation rate which stood at 6.7 percent.

The agriculture sector showed fair performance. Palay and corn production grew by 12.7 percent and 16.6 percent, respectively, while copra and sugarcane production increased by 0.3 percent and 2.6 percent, respectively.

Livestock and poultry also performed well with significant growth observed in the demand for goat, chicken and hog evidenced by animals slaughtered in abattoirs. Fish production increased by 22.3 percent while commercial and municipal fishing and aquaculture production also showed substantial growth.

NEDA 8 observed that the industry sector performed better. Power consumption increased by 10.2 percent compared to that of last year. Exports receipts also did well during the second quarter. Mineral production improved but construction showed a minimal decline.

The service sector showed stability except for housing which had a minimal decline in output. The number of business names registered increased by 15.7 percent.

The region’s employment rate is recorded at 90.6 percent, a decline of 5.7 percentage points compared to the April 2005 survey. From the monitoring of establishments conducted by the Department of Labor and Employment, no business establishment has been reported closed in the region. (PIA 8) [top]

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