The National Economic Development Authority (NEDA) is seeing a gradual recovery of Central Visayas’ (CV) economy starting in the later part of 2020 and will continue through the next year, says NEDA CV regional director Efren Carreon.
In an online interview facilitated by the Office of the Presidential Adviser for the Visayas, Carreon said the government’s “Build, Build, Build” program should be able to pump prime the region’s economy that has been severely affected by the coronavirus disease (Covid) pandemic.
The economic recovery of CV, which is the second biggest regional economy in the country, next to National Capital Region, is going to be anchored on infrastructure so more investors are enticed to invest in the region’s provinces in the post-Covid crisis era.
“Our positive outlook continues to be there,” he said. “We will rebound with our infrastructure projects in place and the plan for (a) mass transport system, which should enhance our attractiveness to foreign companies.”
As the region is strategically located at the central part of the country, Carreon said the region is in a great position to attract more investments especially those Investors who are leaving China.
“We have modern airports. Metro Cebu Expressway is on the pipeline. Our new container port is about to commence later this year. Other airports and seaports in the region have also been upgraded,” he added.
He also sees that the domestic tourism sector is likely to pick up by 2022, if not later this year.
Tourism has been one of the industries severely affected in the region by the health crisis, Carreon stated in the interview.
Based on statistics from the Philippine Statistics Authority, he estimated the tourism sector incurred losses of about P1.5 billion in the first quarter of 2020 alone due to travel restrictions and mass quarantine measures imposed in order to prevent the spread of the virus causing Covid.