Industrial Sector Boosted Central Visayas Growth in 2018

The Philippine Statistics Authority (PSA-7) conducted the 2018 report on the performance of Central Visayas Economy.

Based on the record presented by PSA, manufacturing and construction firms were the fastest growing industries in Central Visayas last year.

Construction developed by 14.3 percent while manufacturing grew by 8.3 percent for the whole year of 2018.

“We are happy that the industry sector grew the fastest, driven by the growth in manufacturing and construction. As we all know, these sub sectors are labor-intensive. They are the major employers of our skilled and semi-skilled, and even unskilled workers,” said National Economic and Development Authority (NEDA-7) regional director Efren Carreon.

Image Source: PSA.GOV.PH

Cebu province also led the numbers of new construction projects in 2018 followed by Bohol, Negros Oriental and Siquijor.

Carreon said that numerous number of demand for both residential and commercial spaces and even the national government’s Build-Build-Build program developed the performance of construction.

The Gross Regional Domestic Product (GRDP) of Central Visayas also went up to 7.6 percent from the previous 5.2 percent growth in 2017.

Bureau of Customs (BOC) also presented a record where it shows that four of the region’s top 20 importers are steel manufacturers, cement factories, a hardware store and a paint manufacturer. (MLC)