Region 2 economy declines by 9.9% in 2020
BY OLIVER T. BACCAY, PIA
TUGUEGARAO CITY, Cagayan (April 30)—Region (Cagayan Valley) economy has dropped by 9.9 percent in 2020 based on the latest economic performance report released by the Philippine Statistics Authority (PSA) in the region.
PSA Region 2 director Marilyn Estrada said almost all industries and sectors have registered negative growth rate to include other services, accommodation and food services activities, mining and quarrying, transportation and storage and construction.
She said even the education, professional and business services, real estate and ownership dwellings, wholesale and retail and manufacturing also registered negative growth rate.
“The only sectors that have registered positive growth rate are on health and social work activities, financial and insurance activities, information and communication and public administration and defense which are also considered essential during the pandemic,” Estrada said.
She said all regions nationwide also registered negative growth rate in which the highly industrialized regions were much affected.
Regional Director Dionisio Ledres, Jr. of the National Economic and Development Authority (NEDA) in Region 2 said economic performance nose dive is the effect of the restrictions imposed in the attempt to eliminate the coronavirus disease 2019 contagion.
He said aside from the pandemic, the severe flooding experienced in the provinces of Cagayan and Isabela last year has also contributed much to the contraction of the region’s economic performance.
Ledres also pointed that the African swine fever outbreak in a large portion of the region also impacted the economy, especially in the food trade industry.
He said, despite the effect of the pandemic and other development challenges, the region still pursues key strategies in support of economic development to include infrastructure development, agriculture fishery resiliency, agricultural diversification and value-adding, investment in information technology and development of farm, river, nature and culture.