ILOILO City – Western Visayas is projected to sustain its growth post-pandemic, with its Gross Domestic Regional Product (GRDP) reaching a value of P1.299 trillion by 2028.
The National Economic Development Authority (NEDA) Region 6 said the GRDP is expected to grow from its base in 2021 to a range of seven to eight percent by 2028.
The sustained economic growth would facilitate socioeconomic transformation and result in poverty reduction from 19 percent in 2021 to a range of 6.7 to 8.4 percent by end of 2028, added NEDA-6 senior economic development specialist Juvelyn-Boniba Pamonag.
Western Visayas is enjoying an economic revival after it experienced a slump in growth – negative 9.7 percent – in 2020, the first year of the coronavirus disease pandemic.
But the local economy began to recover in 2021 with the relaxation of pandemic restrictions, gradual and safe reopening of businesses and nationwide vaccination activities, said Pamonag during a multi-sectoral consultation on the formulation of the National Anti-Poverty Action Agenda (N3A) in Cebu City from May 3 to 4.
The 2021 GRDP posted a 5.9 percent growth.
In 2022, Western Visayas continued to recover and recorded the highest growth among all regions at 9.3 GRDP valued at P955 billion.
Seen to further boost the region’s economy are several flagship projects. Among these, according to Pamonag, were the following:
* Jalaur River Multipurpose Project – Stage II (soon completed)
* Bacolod-Negros Occidental Economic Highway (ongoing)
* Iloilo-Capiz-Aklan Expressway (proposal)
* Panay-Guimaras-Negros Island Bridge (feasibility study ongoing)
These projects will facilitate connectivity and are expected to propel growth by creating more jobs and economic opportunities in the next six years, said Pamonag.
Of these four projects that Pamonag mentioned, only the Jalaur River Multipurpose Project – Stage II is nearing completion.
The National Irrigation Administration (NIA) targets to complete all three dams of the P11.2-billion Jalaur River Multipurpose Project (JRMP) Stage II in Calinog, Iloilo by December this year.
JRMP II is NIA’s biggest irrigation development project in Region 6 to date. Its completion is projected to boost the country’s food security and address declining agricultural productivity.
JRMP II will irrigate 31,840 hectares of farmland in the province of Iloilo and increase annual rice production to 300,000 metric tons once it becomes operational.
It is projected to improve the lives of 25,000 farmers and improve the average yield of farmlands to 5.2 metric tons per hectare./PN
