The regional economy is slowing down?

The title is appropriate at this time because of comments in the national media that the Philippine economy is experiencing a “meltdown” or a drastic and continuously decline. If these comments are correct, then we should be expecting difficult times in 2006.

A relevant question insofar as Eastern Visayas is concerned, therefore: is the region’s economy going through a “meltdown”?

To answer this, consider these economic indicators for the third quarter of this year (July to September) gathered from various government agencies, comparing 2005 figures with those of 2004.

Palay production is up by 4.7 percent, copra is at 1.0 percent growth (after a 53.7 percent increase from the 2nd quarter), and abaca fiber is up by 1.0 percent. Other indicators in the agriculture sector are: hogs up by 23.9 percent, chicken is up by 53.6 percent and fish production is up by 30.2 percent.

If we consider power consumption, energy sold increased by 4.5 percent. In mineral production, chemical chromite grew by 58.5 percent and hydrated lime up by 40.3 percent.

The employment rate slightly improved from 91 percent to 92 percent.

Public construction expenditure is up by 5 percent.

Is our region’s economy on a slide?

It is not. Practically all indicators point to a healthy economy particularly in agriculture, industry, services, and infrastructure.

Is the national economy on a “meltdown”?

That’s a question that will be answered here next week.