The Philippine Chamber of Commerce and Industry (PCCI) believes that once the country's population is…
Rosal anticipates a better Bicol economy by year’s end.
Noel Rosal, the incoming governor of Albay and the former chairman of the Bicol Regional Development Council (RDC), expressed hope on Thursday that the region’s economy will begin to improve in the fourth quarter of the year as a result of the ongoing opening of businesses that might offer employment to those who lost jobs due to the coronavirus disease (Covid-19) pandemic.
In an interview, Rosal stated, “I am optimistic that the region’s economy will continue to open up and spur employment development until it fully returns to its pre-pandemic form before this year ends.
The ratio from January to May this year has already improved to 3.7, he said, even though the region’s yearly average inflation rate climbed from 2.7 in 2019 to 6.1 in 2021.
At least in the final three months of this year, Rosal stated, “we could expect a better economic situation in the region if this tendency will continue.”
He also viewed the extremely high growth rates—which reached 8.9 percent in 2018 and 7.4 percent in 2019—that Bicol had recorded prior to the epidemic as a “gift in disguise.”
“These extremely high growth rates had warned of the Covid-19 pandemic’s effects in 2020. In Bicol, we might have taken the greatest financial hit,” Rosal added.
He also mentioned the opening and functioning of the Bicol International Airport (BIA), which was funded with PHP4.8 billion from the Department of Transportation’s Local Infrastructure Program (DOTr).
There is little doubt that this international airport’s operations are currently progressively boosting economic activity in Bicol, particularly in Albay and the nearby provinces.
Businesses including transportation services, hotels, and restaurants will now start to open up to meet the demands of visitors to Bicol, according to Rosal.
He also praised local authorities for combining their efforts, which led to the creation of a number of road networks that today make it simple to get to and from the international airport.
The airport’s location on a plateau near Daraga town would make accessing it very challenging without the construction of these “mega roads,” according to Rosal.
The departing mayor of this city is also confident that once the international airport is fully operating, it would serve as a significant entry point for tourists from abroad into Bicol.
Rosal remarked, “We may now highlight our tourist spots in Albay and in the surrounding provinces in Bicol.