NEDA-7 sees reg’l growth from poll spending

CEBU, Philippines - The National Economic Development Authority 7 has reported that the regional economy is expected to grow even faster in 2013 due largely to the May 13 elections.

During the Regional Development Council meeting, NEDA 7 Director Buenaventura Go-Soco Jr. reported that the past trends have shown that the regional economy experience peaks in growth during election years.

“This is because massive election spending has a strong stimulative effect on the economy,” said Go-Soco in his development outlook.

Another elections for barangay and Sangguniang Kabataan officials are set this coming October.

“High consumer spending brought about by the continued expansion of the BPO and tourism industries, strong overseas remittances and election spending in the early part of 2013 will fuel the growth of the retail trade industry,” he said.

He said that new players are expected to join the region’s retail trade industry to take advantage of the growing market in Central Visayas.

The inclusion of Cebu City in Tholon’s list of top outsourcing destinations in the world is reportedly expected to further attract investors’ interest in the region.

Tourism in the region is also foreseen to gain strength as international tourism continues to grow.

The United Nations World Tourism Organization (UNWTO) has reportedly estimated international tourist arrivals to grow by three to four percent in 2013 despite the economic challenges experienced by some countries.

Go-Soco said that construction and real estate sectors will contribute significantly to the growth of the regional economy this year.

Public sector invests in big ticket projects to complement investment from the private sector such as the Mactan-Cebu International Airport New Passenger Terminal.—(FREEMAN)