DEVELOPMENT OUTLOOK

The agriculture, fishery and forestry sectors are expected to expand with continued government support for infrastructure, technology and extension of services, post-harvest and storage facilities, accessibility of rural credit, market expansion for agricultural products, area expansion and distribution of high yielding variety seeds. (N-on-line12/18/07)

Produce from agriculture is expected to increase with the implementation of a project funded by the Spanish International Cooperation Agency “Restoring Food Security in Typhoon Affected Areas in Bicol Region through the Provision of Agricultural Inputs and Technical Assistance” with the Department of Agriculture as the lead agency. (PIA 11/27/07)

Growth of private construction is expected to boost business as the private sector takes advantage of the expected rise in demand for housing, tourism and services. The construction subsector will provide support to the industry growth with the on-going government initiated infrastructure projects in place.
 

The industry sector expects more outputs from mining and quarrying. In Masbate, some $58 Million is being invested by an Australian firm for a gold project, which is considered “one of the priority minerals development project in the country” and which would pay about $4 Million in taxes when in full operation and help ease unemployment. (Inquirer.net 12/15/07)

The banking industry continues to expand with the opening of a new bank, the First Consolidated Bank, and the merger of PCI Equitable Bank and Banco de Oro in the city of Legazpi. Banking services likewise improve as Banco de Oro extended its banking hours until Saturday, thus accommodating more depositors even on weekends.

Elsewhere in provinces, more new commercial establishments are being established such as the Centro Mall, Yao Building and Lucky Convenient Store in Daet, Camarines Norte, whose capital investments amounted to P65 M, 17M and 4M, respectively.

The following are the concerns that need to be addressed in the short-term to hasten economic recovery in the region:

• The immediate completion of 6,892 shelter units and 3,643 lots for the typhoon Reming evacuees in Albay should be prioritized for the succeeding quarter.
   
• The mining industry in Rapu-rapu should be given attention amid the controversial issue on its bankruptcy and Albay Governor Joey Salceda's pushing for the mining firm's closure.
   
• On the rehabilitation programs for the typhoon damaged roads, bridges, flood control systems in Bicol, the remaining 22 percent should likewise be fast-tracked by the Department of Public Works and Highways.
   
• Concerned agencies and local government units in planning and project design should adopt disaster-risk reduction strategies, especially in the formulation/updating of the respective local development and comprehensive land use plans.
   
• On the implementation of Wage Order No. 12, which granted PhP 6 increase in minimum wage for private workers effective Dec. 1, 2007, the DOLE need to strictly monitor its implementation throughout the region and carry out sanctions for business establishments that do not comply.