Region 1 aims for better investment climate
SHIFT FROM AGRI TO MANUFACTURING
BAUANG, La Union—The Regional Development Council (RDC) is aiming to attract more direct investments in Region 1 by shifting from an agriculture-based economy to an expanded manufacturing industry.
RDC chairman Juan Ngalob, also Region 1 director of the National Economic and Development Authority (NEDA), said in his State of the Region Development Address (SORDA) delivered last week, that improving the investment climate would require bringing in more resources to the region, more active private sector participation, and transforming its agri-service dominance to manufacturing.
Ngalob acknowledged that foreign direct investments in the region, composed of Pangasinan, La Union, Ilocos Sur and Ilocos Norte, are still limited due to poor infrastructure investment and costly business startups.
He urged local government leaders to complete infrastructure projects like markets, parks, and roads possibly before the polls.
At the same time, Ngalob expressed optimism that the creation of Regional Competitiveness Councils will prompt growth in the region.
“We are confident that the creation of the Regional Competitiveness Councils will trigger the much anticipated take-off,” he said adding that while the effect of RCCs will not be immediate, it is expected to boost confidence among investors.
Naglob noted ongoing projects that will also bolster investor interest in Region 1, including the Tarlac-Pangasinan-La Union Expressway (TPLEx), widening of various sections along the Manila North Road and major thoroughfares; improvement of seaport and airport facilities; Intensification of Sitio Electrification Program; Implementation of the DOT-DPWH for Greater Tourism Access; and funding of the Agno Flood Control Project to protect structures, particularly in Pangasinan.
GROWTH DRIVERS
In the meantime, Ngalob said the potential growth drivers in 2013 are the continued enhancement of agri-business, small and medium enterprises, and tourism and mining.
The acting RDC chairman also projects the real gross domestic growth in the region to be to be closer to hover at 5.5 percent.
This increased growth, he said, will likely be attributed to dollar inflows from Overseas Filipino Workers’ remittances that continue to exert positive multiplier effect in the economy.
Share your Comments or Reactions
Powered by Facebook Comments
