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THE
National Economic and Development Authority (Neda)–Regional
Development Council (RDC) aims to prioritize P3.73
billion worth of agri-based infrastructure in the Caraga
region from 2007 to 2010.
The
Neda-RDC said from 2007 to 2010, some P1.45 billion will
be allocated for farm-to-market roads and about P2.28
billion will be spent for irrigation projects.
“These
will certainly boost the region’s agriculture, fishery
and forestry sector, and benefit the farmers and
fisherfolk who make up the bulk of the region’s labor
force,” the Neda said.
For
2007, the region sees improvements in infrastructure and
mining to spur the economy further.
Major
infrastructure projects, such as the Second Magsaysay
Bridge Project and the San Francisco-Langkilaan section
of the Philippines-Japan Friendship Highway, are expected to be finished soon.
The
region is counting on these projects to hasten the
transfer of goods and services and trigger growth and
development in the area.
“The
improved fiscal position of the government bodes well
for the region as public spending will increase
significantly for the year. The region is poised to be
one of the recipients of various irrigation and
farm-to-market road projects as part of the super-region
development project,” the Neda said.
Meanwhile, high exports, a robust banking sector and
mining prospects boosted the economic growth achieved by
the Caraga region in 2006, according to the Regional
Economic Situation (RES) released by the Neda Regional
Office 13.
Exports
from Caraga increased by 114 percent to $129 million
from $60 million in 2005. The cities of Butuan in Agusan
del Norte and Bislig in Surigao del Norte registered the
highest growth rates.
“Surigao
City and Surigao del Norte still account for the bulk of
the region’s total exports, with their combined
percentage share of regional exports at 73 percent,” the
Neda said in a statement.
Seafood
exports from Caraga was worth $1.1 million, higher than
the $72,000 posted in 2005; nickel ores fetched $117.9
million in 2006, higher than $54.5 million the previous
year; and veneer sheets increased to $165,000 in 2006
from $143,000 in 2005.
“Bright
spots in the exports market include the emergence of
coconut and other coconut-based products such as virgin
coconut oil and flat-rolled products/other alloy sheets
as new exports products for the region,” Neda said in a
statement.
Asia
still remained the dominant destination of the Region
13’s products with 91.25-percent share, followed by
Europe with 4.35 percent, and Australia with 3.41
percent.
Meanwhile, Neda said Caraga’s mining and quarrying
industry is becoming a major player in the domestic and
international market.
The Neda
said there are new developments in the opening of the
Nonoc mining site with other interested parties in
contract of the Philippine Nickel Co.
“The
continued demand for resources from countries such as
China and India is expected to further fuel the growth
of this industry,” the report said.
Total
production value of the mineral resources produced in
Caraga reached P2.2 billion, while its sales value was
about P1.3 billion. The region’s foremost mineral export
is nickel, since the region has one of the biggest
nickel deposits in the world.
Meanwhile, the region’s vigorous banking sector is on an
upswing, with total assets as of June 2006 standing at
around P20.34 billion, up by 8 percent from the previous
year.
Total
deposits as of the same period stood at around P15.14
billion, increasing by 11 percent. Net loan portfolio as
of the first semester of 2006 or P5.39 billion is
already close to the loan portfolio in 2005 of P5.4
billion. |
