By Zen Trinidad / Philippines News Agency
CALAMBA CITY—Luis G. Banua, officer in charge of the National Economic and Development Authority Calabarzon Office, said that high economic growth remains the major challenge of the region despite posting a 5.1-percent growth, although lower by 1.6 percent in 2013 with the agriculture sector recording a negative growth of 1.3 percent in 2014.
Banua made the statement at a news conference on the “2014 Report on the Regional Economy of Calabarzon” held at RSM Lutong Bahay Seafoods Garden Restaurant here.
Calabarzon stands for Cavite, Laguna, Batangas, Rizal and Quezon provinces which have been grouped to constitute Region 4A. “Sustaining high economic growth remains to be a challenge to the region as the economy is vulnerable to adverse external shocks affecting the industry and service sectors,” Banua said.
He said the negative growth of the agriculture sector of 1.3 percent in 2014 compared to 3.7 percent in 2013 was attributed to typhoons Glenda and Ruby that hit the country, as well as coconut infestations and fish kills in the region.
“The agriculture sector’s negative growth of 1.3 percent from 3.7 percent in 2013 was due to prolonged dry spell and extensive damage brought by Typhoon Glenda amounting to P3.2 billion. Typhoon Ruby caused further damage,” Banua said.
“The coconut plantations and fish cages in Laguna de Bay and Taal Lake suffered great damages. Batangas province took the heaviest loss at P1.46 billion,” he added.
However, Banua remained hopeful that the region can rebound from its slower pace of growth since the region has comparative advantages in agribusiness, manufacturing and logistics and services.
“Maayos ang ating transport, ang expressway, iyong road system including the port, lower cost of power. Ito ang advantage natin [Our transport is in order, the expressway, the road system including the port, lower cost of power. This is our advantage],” Banua said.
He identified the advantage of the region as soon as the infrastructure projects will be completed, like the Daang Hari Road, Ternate-Nasugbu Road, Marawoy-Dagatan Road, Molino Boulevard, Laguna Lake Expressway Dike, North-South Railway Project and Light Rail Transport Line 6 Project that “will lead to increase mobility that will lead to further economic activities.”
Moreover, Banua explained that the Port of Batangas will continue to be vital in solving the congestion at Manila International Container Port.
The Pililia-Santa Maria Wind Farm Project with an aggregate capacity of 66.5 megawatts (MW), which is expected to be completed this year, will interconnect Malaya-Teresa 115-kiloVolt transmission lines, and the Pagbilao Coal Power Plant in Quezon with 420-Mw capacity (which is expected to be operational in 2018), will reduce power cost, and will prevent power outages and brownouts in the region.