By Joseph John J. Perez
LEGASPI CITY, Aug 12 (PIA) -- As the Bicol region bannered an increase of 7.1 percent in its gross regional domestic product (GRDP) in 2012, the National Statistical Coordination Board in this region has forecasted the thriving of private investments which will serve as the catalysts for job generation, higher production and increase in income.
“Services accounted for the biggest share of the region’s economy at 56%, ” NSCB Bicol rgional director Engr. Gil Arce said. "The service sector is predominantly composed of private investments on transport, storage, communication, trade and repair of motor vehicles, financial inter-mediation (pawnshops, insurance, banks, pre-need), real estate, renting and business activities aside from public administration and defense, compulsory social security which are delivered by the government."
According to Arce, being employed in a well paying job is the only way of Filipinos to escape poverty. However, getting a well paying job requires good education. Improving the country’s educational system requires huge investments.
"The creation of more high paying jobs should be the end result of investments in agriculture, industry, and services especially in the rural areas outside Metro Manila. To achieve this societal goal, substantial public investments in education, health, good governance, rural infrastructure, security and promoting productivity must be given priority," he said.
National Economic Development Authority (NEDA) assistant regional director Engineer Luis Banua meanwhile said that Bicol needs private investments to create jobs,”
"Private investors should also consider establishing agriculture-based businesses that will ensure the government’s advocacy for inclusive growth," he added.
“(Agri-business) tends to use less consumption of water and electricity which comprise the bulk of over-head expenses of other service-oriented industries,” Banua said.
NEDA also cited the importance of human resource preparations for the onset of private enterprise development in the region.
“Courses that are related to information technology, engineering, maritime, hotel and restaurant services are highly recommended. Educational institutions should offer courses that will create manpower for present and future industries and investments in the region," Banua added.
Both NSCB and NEDA studies revealed that some ideal agribusinesses for Bicol are abaca, coconut, pineapple, livestock productions, fishing, pili processing as identified by Banua. The tourism industry is also registering a steady uptrend and considered as a major contributor to Bicol’s economy,
Department of Tourism (DOT) Bicol regional director Maria Ong- Ravanilla on the other hand said,“Bicol contributed 17% or 700,000 of the 4.2 million foreign tourists who visited the Philippines in 2012,”
"A target of one million foreign tourists or at least 10% of the expected foreign tourists is set for Bicol by 2016 and Around P10M revenue is expected to be gained by Bicol on tourism industry," Ravanilla furthered.(MAL/JJJP-PIA5/Albay)
LEGASPI CITY, Aug 12 (PIA) -- As the Bicol region bannered an increase of 7.1 percent in its gross regional domestic product (GRDP) in 2012, the National Statistical Coordination Board in this region has forecasted the thriving of private investments which will serve as the catalysts for job generation, higher production and increase in income.
“Services accounted for the biggest share of the region’s economy at 56%, ” NSCB Bicol rgional director Engr. Gil Arce said. "The service sector is predominantly composed of private investments on transport, storage, communication, trade and repair of motor vehicles, financial inter-mediation (pawnshops, insurance, banks, pre-need), real estate, renting and business activities aside from public administration and defense, compulsory social security which are delivered by the government."
According to Arce, being employed in a well paying job is the only way of Filipinos to escape poverty. However, getting a well paying job requires good education. Improving the country’s educational system requires huge investments.
"The creation of more high paying jobs should be the end result of investments in agriculture, industry, and services especially in the rural areas outside Metro Manila. To achieve this societal goal, substantial public investments in education, health, good governance, rural infrastructure, security and promoting productivity must be given priority," he said.
National Economic Development Authority (NEDA) assistant regional director Engineer Luis Banua meanwhile said that Bicol needs private investments to create jobs,”
"Private investors should also consider establishing agriculture-based businesses that will ensure the government’s advocacy for inclusive growth," he added.
“(Agri-business) tends to use less consumption of water and electricity which comprise the bulk of over-head expenses of other service-oriented industries,” Banua said.
NEDA also cited the importance of human resource preparations for the onset of private enterprise development in the region.
“Courses that are related to information technology, engineering, maritime, hotel and restaurant services are highly recommended. Educational institutions should offer courses that will create manpower for present and future industries and investments in the region," Banua added.
Both NSCB and NEDA studies revealed that some ideal agribusinesses for Bicol are abaca, coconut, pineapple, livestock productions, fishing, pili processing as identified by Banua. The tourism industry is also registering a steady uptrend and considered as a major contributor to Bicol’s economy,
Department of Tourism (DOT) Bicol regional director Maria Ong- Ravanilla on the other hand said,“Bicol contributed 17% or 700,000 of the 4.2 million foreign tourists who visited the Philippines in 2012,”
"A target of one million foreign tourists or at least 10% of the expected foreign tourists is set for Bicol by 2016 and Around P10M revenue is expected to be gained by Bicol on tourism industry," Ravanilla furthered.(MAL/JJJP-PIA5/Albay)
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