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Economic Performance of Central Visayas in 2012: Growth and Sectoral Contributions

In 2012, the economy of Central Visayas demonstrated remarkable growth, led by key sectors such as tourism, business process outsourcing (BPO), retail trade, and construction. The region outperformed others, achieving a GRDP growth rate of 12.5% in 2010 and 9.6% in 2011, ranking it among the fastest-growing in the Philippines. While tourism and retail thrived, agriculture faced challenges, and the labor market showed mixed results, with heightened inflation at 5.1%. Overall, Central Visayas showcased resilience and dynamism in its economy.

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Economic Performance of Central Visayas in 2012: Growth and Sectoral Contributions

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Presentation Transcript

  1. Economic Situationer Central Visayas 2012

  2. SECTORAL SHARE OF GRDP

  3. 2012 Performance Central Visayas economy grew faster in 2012 with impressive performances of key industries: • tourism • business process outsourcing • retail trade • construction … and positive performance of exports

  4. Central Visayas is among the fastest growing regions in PHL fastest in 2010 12.5 % fastest in 2011 9.6 % GRDP Growth Rate second fastest in 2011 7.9 % Top 5 in 2010 • Central Visayas (VII) – 12.5% • CALABARZON (IVA) – 11.1% • Central Luzon (III) – 10.7 % • Metro Manila (NCR) – 7.6% • CARAGA (XIII) – 7.4% Top 5 in 2011 • CARAGA (XIII) – 9.6 % • Central Visayas (VII) – 7.9% • Central Luzon (III) – 7.5 % • Western Visayas (VI) – 5.5 % • Cagayan Valley (II) – 5.4 %

  5. Tourism expanded further Percentage Increase in Total Visitor Arrivals: Central Visayas 2006- 2012 Global Financial Crisis ASEAN Summit Source: DOT Regional Office 7

  6. Revenues in BPO surged 516.8 M 424.2 M 21.8 % 333.6M 27.2 %

  7. Retail trade benefited from booming tourism & BPO industries • Opening up of new shopping malls • Manila-based retailers setting up shop (i.e. Seven-eleven and Mini Stop) • Expansion projects of SM and Ayala Center

  8. Construction sector upbeat Number of New Construction Projects2011- 2012 Source: National Statistics Office

  9. Exports turned in positive performance Value of Exports and ImportsJanuary to July: 2011 & 2012 Source: National Statistics Office

  10. Challenges • Agriculture was not able to sustain growth in 2011 • Better performance of the economy did not make a significant impact on labor market • employment rate lower for most part of 2012 • underemployment slightly up; breaching 20 percent mark in 2012 • Central Visayas’ inflation rate was highest among the regions in the country at 5.1%

  11. Good Day!

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