TUGUEGARAO CITY, Cagayan, April 30 (PIA) - - The economy of Cagayan Valley region has dropped to -9.9 percent in 2020 based from the latest Economic Performance Report released by the Philippine Statistics Authority (PSA) region 2.
Regional Director Marilyn T. Estrada said almost all industries and sectors have registered negative growth rate to include the other services, accommodation and food services activities, mining and quarrying, transportation and storage, and construction.
She also 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 pandemic," Estrada said.
She also presented that all regions nationwide also registered 'negative' growth rate in which the highly industrialized regions were much affected that the Cagayan Valley.
On his part, Regional Director Dionisio Ledres, Jr. of the National Economic and Development Authority (NEDA) region 2 said economic performance nose dive is the effect of the restrictions imposed towards the elimination of Corona Virus Disease 2019 (COVID-19) contagion.
He further said that, aside form the pandemic, the severe flooding experienced in the provinces of Cagayan and Isabela last year have also contributed much to the contraction of the region's economic performance.
Ledres further pointed that the African Swine Fever outbreak in the large portion of the region also impacted to the economy, especially in the food trade industry.
He said, despite the effect of the pandemic and other development challenges, the region still pursue key strategies in support to 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. (MDCT/OTB/PIA 2-Cagayan)
Source: Philippines Information Agency (pia.gov.ph)
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