Region 3 sustains economic growth in 2018

CITY OF SAN FERNANDO, Pampanga — The year 2018 saw the economy of Central Luzon in a sustainable growth level primarily pushed by major developments in the region.
Amid the mild domestic and external challenges that the Philippines experienced in the past months, Central Luzon remained one of the core regions contributing significantly to the overall growth of the country as fueled by the impressive performances of the region’s emerging cities and special economic zones.
The biggest contributors to the region’s steady growth this year are the three Freeport zones, namely the Clark Freeport Zone, Subic Freeport Zone and the Bataan Freeport Zone.

Investments and Job Opportunities

The Clark Freeport Zone is becoming the next economic haven of Luzon with unprecedented gains in investments, revenues, employment and other significant achievements.
Noel F. Manankil, president and CEO of the Clark Development Corporation (CDC), said the impressive accomplishments in the freeport can be attributed to the sound business climate that attracted more investors.
CDC’s latest number of locator-firms totaled 949, most of them in the information communication technology (ICT), service and developers’ industries. This resulted in the creation of jobs for 108,000 workers.
“With its extensive involvement in the government’s Build, Build, Build, program, Clark will be able to provide more jobs and opportunities for the Filipinos,” Manankil said.
The Subic Bay Freeport, on the other hand, has a total of 1,596 business locators that employ a total workforce of 133,940.
“There is a significant harvest of business commitments and opportunities for Subic, and it only goes to show that this freeport remains to be one of the strongest economic drivers in the country today,” SBMA chairman and administrator Wilma T. Eisma said.
For the first half of the year, the SBMA has approved 45 new investment projects worth a total of PHP2.85 billion, bringing the cumulative investment commitments to PHP499.6 billion.
Eisma said the SBMA hopes to create more business opportunities as it arranges cooperation programs with neighboring communities to host additional investment projects.
Meanwhile, the number of approved and registered locators at the Authority of the Freeport Area of Bataan (AFAB) reached 163 as of September this year.
“The continuous influx of new and interested locators in the FAB means an increased number of job opportunities for the community,” AFAB chairman and administrator Emmanuel D. Pineda said.
So far, the number of workforce in the Freeport totaled 40,567 wherein 35,116 are from Bataan and 5,451 from other regions even as far as Visayas and Mindanao.
Data showed that AFAB likewise managed to contribute bigger shares to the government from PHP98 million in 2017 to PHP141 million this year.
“We all decided to move forward together as we aim to reach new frontiers and trail blaze an amazing future for the next generations. Two years later, we have succeeded in sustaining this growth and now we continue to expand towards new possibilities,” Pineda said.

Agriculture

The agriculture sector of Central Luzon experienced a slowdown this year following the effect of typhoons the past months.
The Department of Agriculture (DA)-Central Luzon reported that damage to agriculture in the region due to typhoons Henry, Inday and Josie was placed at PHP770 million.
Likewise, some 110,698 hectares of farmlands in the region were affected by the onslaught of Typhoon Ompong, causing destruction to crops amounting to some PHP2.05 billion.
As a result, Central Luzon is one of the four typhoon-affected regions placed under the state of calamity to mitigate the economic impact of the typhoon to the affected residents.
The member-agencies of the Regional Disaster Risk Reduction and Management Council in Central Luzon have also provided various assistance to the typhoon-affected families.
Despite the slowdown in the agriculture sector, Central Luzon plays a big role to the country’s economy due to diversification developments in the region.

Tourism

A spike in tourist volume in Central Luzon this year was noted due to improved infrastructures such as the integration of the North Luzon Expressway (NLEX) and the Subic-Clark-Tarlac Expressway that paved the way for an easier and accessible travel to and from the provinces in the region.
The passenger traffic at the Clark International Airport is expected to hit the 2.5 million mark in the number of passengers before the year ends.
“The Clark International Airport is now one of the country’s busiest airports and this 2.5-million passenger mark is another record-breaking milestone for Clark,” Jaime Melo, president and chief executive officer of the Clark International Airport Corporation (CIAC) said in a statement.
At present, the Clark International Airport sustains 390 domestic and 184 international flights weekly.
“We are also targeting at least 11 domestic and 24 international destinations for next year,” Melo said.
The emergence of Subic as a hub for cruise ships was also cited.
The Subic Bay Metropolitan Authority (SBMA) is seeking to integrate tourist destinations in the neighboring provinces of Pampanga, Tarlac, Bataan and Zambales to boost cruise tourism program of the Subic Bay Freeport and create inclusive growth in the region.
“Our strategy is for Subic to become the anchor cruise ship destination, but it’s actually not only for Subic but for the inclusive growth of all of us as well,” Eisma earlier said.
So far, the number of Subic’s cruise ship arrivals this year was placed at 20, each bringing in some 2,000 to 5,000 tourists at every port call.
The construction of the Subic-Clark Railway, the North-South Railway spanning Laguna-Manila-Clark, and the expansion of the Clark International Airport will also serve as come-on for businessmen and tourists.

Economic outlook for 2019

With the high-impact projects in the region under the Duterte administration’s “Build, Build, Build” infrastructure program, particularly in Clark Freeport Zone, another good year is expected to come in for the economy in Central Luzon.
Jess Nicdao, president of the Pampanga Chamber of Commerce and Industry, Inc. said the major infrastructure projects are the key to sustaining the economic growth of the region.
He lauded the Duterte administration for making Clark a part of the country’s economic strategy which is expected to experience an influx of new businesses and investments.
The country’s hosting of the 30th Southeast Asian Games where some of the games will be held in Clark next year, is likewise seen to give a multiplier effect that could help sustain the vibrant economy of Central Luzon. (PNA)