|
THE
damage and loss of lives and property due to recent
typhoons and the food crisis did not hinder investment
and tourist arrivals to achieve record-high growth in
the Bicol region in the first quarter, according to the
National Economic and Development Authority (Neda).
The Neda
said that in the Quarterly Regional Economic Situationer
(QRES) from the Neda Regional Office in Bicol (NRO 5),
the region recorded a 97-percent increase in investments
and a 48.6-percent increase in tourist arrivals in the
first quarter.
In terms
of investments, the Neda said the region generated
P1.498 billion worth of investments from January to
March 2008, 69 percent higher than investments generated
in the same period last year and 97 percent higher than
the P759.72 million posted in the fourth quarter of
2007.
The
services sector continues to be the biggest contributor
to investments by accounting for as much as 80 percent,
followed by industry with 18 percent, while agriculture
lagged behind by accounting for only 2 percent of the
total.
“Investments in the services sector posted a 114-percent
growth over the previous quarter, with finance, real
estate, insurance and business services and wholesale
and retail trade as the main sources of growth. Albay
contributed 83 percent of investments in finance and
business services, while Camarines Sur, Sorsogon and
Albay played a part mainly in wholesale and retail
trades,” the Neda said in a statement.
Among
the provinces, Sorsogon and Catanduanes posted the
highest year-on-year investment growth with 293 percent
and 280 percent, respectively. Albay, on the other hand,
contributed 39 percent to the region’s investments and
posted a growth of 221 percent from the preceding
quarter.
In terms
of tourist arrivals, the Bicol region attracted 256,746
tourists in the quarter. Domestic and foreign arrivals
comprised 86.27 percent and 13.73 percent of the total
arrivals, respectively.
Most of
the foreign tourists came from France, the United States
and Japan. The Neda said the estimated profits generated
by the region through these tourists were around P131
million in the first quarter.
Several
events, aside from the major festivals, like the Tinagba
in Iriga City and Tabak in Tabaco City, contributed to
the top performance of the region’s tourism for the
first quarter.
“For the
third time, Bicol region hosted the kick-off of Asia’s
premier extreme sailing event, the Philippine Hobie
Challenge on February 16 in Gubat, Sorsogon.
“This
260-mile journey from
Gubat-Sambuyan-Bacsal-Marambut-Suluan to Siargao enticed
both local and foreign water-sports enthusiasts. It
opened the opportunity for the municipality of Gubat to
showcase the town’s best,” the report added.
These
developments balanced the damage done by incessant
rains, triggered by the tailend of a cold front since
January 21 in the region, and dwindling supply of
commercial rice in major urban centers. Rice prices
rose between P23 and P32 per kilo in the region.
As a
response to the challenges, the Neda noted the need for
appropriate interventions toward more efficient
production and distribution systems to reduce food
prices, as well as the continued push for tourism,
infrastructure and more remittances in the area.
“Construction and rehabilitation of more roads, bridges,
air and seaports and postharvest facilities should
contribute to the speedy flow of goods and services,”
the QRES added. |
