CCCI expects higher 2016 growth for CV

CEBU, Philippines - The Cebu Chamber of Commerce and Industry expects a higher gross regional domestic product (GRDP) growth for Central Visayas last year as its key economic drivers remained robust.

The Philippine Statistics Authority is due to release the regional economic data today.

"[There is] great possibility of increase in the GRDP for Central Visayas," CCCI President Melanie Ng told The FREEMAN yesterday.

She believes growth last year was continued to be buoyed by the region's key economic drivers such as the sustained increase in tourist arrivals with the increase in number of direct flights to Cebu, and the continued development of the ICT sector.

She also underscored the continued rise of BPO workers amid the thriving BPO sector in Cebu.

Likewise, Efren Carreon, regional head of the National Economic and Development Authority, said yesterday he is optimistic the region will surpass its growth performance in 2015 which was at 4.8 percent.

He had said the Central Visayas economy could have grown faster in 2016 compared to 2015 as key growth drivers remained intact.

The region's actual GRDP target for 2016 is 5.6-6.1 percent.

Based on the targets set by the Regional Development Plan, the CV economy is projected to grow by 6.4-6.9 percent this year.

By 2018, the region is seen to expand by 6.9-7.4 percent.

By 2020, year when President Duterte's term ends, Central Visayas could grow by 8.3-8.8 percent.

In 2015, the region grew at a slower pace by 4.8 percent. The 4.8 percent growth in 2015 was lower than the revised 7.8 percent GRDP growth in 2014.

CV's six-year GRDP growth averaged at 8.1 percent as of 2015, still the highest six-year growth average ever recorded. This is even higher than the national six-year average of over 6 percent, NEDA said.

The Central Visayas economy is expected to continue to be the fourth largest economy, with a rebound in manufacturing, exports, construction, and increased public sector spending in infrastructure under the new administration.

As of end-2015, the CV economy was valued at P866.9 billion, still the fourth largest economy in the country, after NCR, CALABARZON and Central Luzon. (FREEMAN)