National Economic and Development Authority (NEDA) Regional Director Maryanne Darauay said Cagayan Valley rose from a modest 1.2-percent growth to 10.7 percent in 2004.
"This was despite the major challenges during the year, such as the fiscal crisis, rising oil prices and typhoons that ravaged the country during the last quarter of the year," Darauay said in a statement.
The region’s economic recovery was bolstered by the double-digit growth of the agriculture, fisheries and forestry sectors, which rebounded from a low 0.2 percent growth in 2003 to 16.4 percent in 2004.
The NEDA official said the agricultural growth was propped by the repair of national and communal irrigation systems, the aggressive campaign to use hybrid and certified seeds and the favorable weather conditions during the first three quarters of the year.
As a result, per capita GRDP showed the highest improvement nationwide, with an increase of 8.9 percent in 2004 from a 0.4 percent drop in 2003.
"The GRDP also grew faster than the region’s population rate, which resulted in a per capita GRDP of P8,001 for the year, higher than P7,345 the year before," she added.
Other sectors of the regional economy also showed marked increases for the year.
Employment grew by 12.8 percent, with agriculture absorbing almost 60 percent of total employment. Poverty incidence also improved during the period with a dramatic drop of 19.3 percent for 2003 from 25.2 percent in 2000.
Development centered on the improvement of the poverty situation in the region as programs and projects were implemented to achieve the regional objectives of social and economic development.
Programs aimed to spur greater productivity in the agricultural sector and improving rural incomes were pursued, coupled with infrastructure development, environmental considerations and assistance to micro, small and medium enterprises (MSMEs).
These were implemented to market the region as a potential investment area and a major supplier of agricultural products and the acknowledged food basket of the country.
"To lay the foundations for sustained growth, Region II achieved a stable political and security condition," she stressed. The campaign for public safety was seriously pursued, along with the curbing of the crime rate and stability of peace and order. "As a result, agencies in the region put their energies in socioeconomic concerns."
Combined efforts to increase local and national revenue taxes were likewise instrumental in increasing the region’s local and national revenue for the past year.