PH needs to tap economic potentials of other regions-A A +A
Saturday, February 9, 2013
THE Philippines needs to tap the full potentials of other regions in a bid to sustain its strong economic performance and achieve inclusive growth.
Socioeconomic Planning Secretary Arsenio Balisacan said that 60 percent of the country's gross domestic product (GDP) currently is concentrated in three regions in Luzon -- the National Capital Region, Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) and Central Luzon.
"This shows that we have yet to tap the full potential of other regions, especially those in Mindanao. Hence, our policy priorities must ensure that our people in the rest of Luzon, Visayas and Mindanao benefit from growth," he said during the recent Philippines Development Forum (PDF) held in Davao City.
Balisacan underscored the need to connect these regions to facilitate access to markets and basic services.
He pointed out that the rest of Luzon has already the advantage of proximity to the fastest growing regions.
In the Visayas, the country's strategy is to strengthen the region's comparative advantage in tourism, fisheries, shipbuilding and information communications technology.
"We are very optimistic about Mindanao's contribution to national development, particularly in agribusiness, tourism and halal industries. The government is mindful of the opportunities and challenges, as move forward with the Bangsamoro Framework Agreement," he added.
Published in the Sun.Star Davao newspaper on February 10, 2013.