BSP Official Says Region’s Economy Up by 9.3%

A Bangko Sentral ng Pilipinas (BSP) official, who was in Cebu recently, said Central Visayas’ economy is making a steady climb.

BSP Monetary Board Member Peter Favila shared the region’s performance has even exceeded last year’s, and even the nationwide growth in the same period.

Favila said Region 7’s economy grew by 9.3% while the nationwide growth was only 6.8%.

“This growth was supported by the expansion in the construction, trade, and real estate sectors,” Favila said.

Meanwhile, he said there is also nothing to worry about with the regional inflation rate as it remains “manageable,” especially in Central Visayas with its average of 3.4%.

Even with what is happening in the US, the BSP official assured that the national economy remains a bully, with the latest natural income shows that it’s growing by 7.6% in the first semester of 2013.

“This is on the bank of solid performance of our services and industrial sectors,” Favila said.