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Bicol Region Economic Situationer 1st Quarter 2010
Price Situation
Higher costs of fuel, light and water and services brought a 0.2 percentage point rise in the annual inflation rate of the Bicol Region in March. The year-on-year change was placed at 4.7 percent, 2.7 percentage points lower than the rate recorded in the same period the previous year and 0.3 percentage point faster than the national average. Across regions, ARMM recorded the highest inflation at 7.0 percent while Regions I (Ilocos) and X (Northern Mindanao) registered the lowest at 2.7 percent each. Average inflation rate for the first quarter of the year settled at 4.7 percent.
Inflation rate in the Fuel, Light and Water commodity group went up by 0.8 percentage point and Services by 0.5 percentage point, resulting to the overall rise in inflation for March. Clothing, Housing and Repairs and Miscellaneous commodity items remained unchanged from its previous month's level. The Food group dipped by a minimal 0.1 percentage point with most of the food items included in the region's commodity basket like rice, dairy products, fruits and vegetables and meat posting declines in inflation rates.
The region's monthly Consumer Price Index (CPI) grew 0.5 point from last month's index of 166.0, reflecting a continued rise in average prices of consumer goods. Indices in all commodity groups rose lead by the Fuel, Light and Water commodity group with a 2 point increment. Services rose by 0.6 point, Food, Beverages and Tobacco and Miscellaneous commodity groups went up by 0.4 point apiece, Clothing by 0.3 point and Housing and Repairs by 0.1 point.
On a month-on-month basis, Bicol Region sustained its previous month's inflation rate of 0.3 percent. Though majority of the commodity groups posted increases in inflation rates, with only the Food group registering a decrease of 0.3 percentage point, this was enough to maintain last month's level. Posting increases were: Fuel, Light and Water (1.5 percentage points), Services (0.3 percentage point) and Clothing (0.1 percentage point).
Housing and Repairs and Miscellaneous commodity groups remained unchanged from last month's level.
The purchasing power of the peso in Bicol Region stayed at 60 centavos in March 2010 from P1.00 in 2000.
[Source of basic data: National Statistics Office/NSCB5 website]
NEDA 5 Conducts Workshop on NEDA Region 5 conducted a one-day workshop for the formulation of the successor regional development plan on 16 February 2010. The workshop aimed to solicit inputs from resource persons representing national government agencies, local government units, the academe and the private sector. Dubbed as Bicol 2020, the successor plan envisions Bicol as the most livable region in the country.
The workshop was guided by the regional development framework for Bicol 2020 that was approved by the Regional Development Council on 18 November 2009. The resource persons were divided into six groups representing the themes of the development framework, namely: strengthening human resources; improving infrastructure facilities, promoting global competitiveness and ensuring economic growth; providing basic services; promoting good governance; and managing disaster risks. The outputs were the objectives, targets and major programs/projects under each theme.
There were 96 resource persons: 30 from line agencies; 46 from local government units; 12 from the academe; and 8 private sector representatives. The draft successor regional plan is targeted for completion by end of April 2010. The draft successor plan shall be presented to the Regional Development Council on 26 May for approval. Felix Lositano
NEDA
Region 5 prepares
The NEDA Region 5 prepared the Regional Development Agenda (RDA) to serve as the initial roadmap for the development of the Bicol region in the next ten years.
The RDA was based on the current situation of the region, the past performance of the region, and the emerging development trends in the entire country and the world.
It was guided by the vision of making Bicol the most livable region in the Philippines.
The challenges in making Bicol Region the most livable region in the country shall be met by strengthening its human resources, improving its infrastructure facilities, ensuring its economic growth, providing basic services to the people, promoting good governance in the public and private sectors, and managing disaster risks.
The RDA shall form part of the national strategic long term plan. It shall also be a starting point in the formulation of the successor Medium-Term Regional Development Plan.
It is hoped that the RDA shall inspire and encourage Bicolanos to work together in making Bicol a prosperous, healthy, safe, beautiful, dynamic, modern and happy region.
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