BSP sees positive Q3 CV economic growth

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BSP sees positive Q3 CV economic growth

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Banko Sentral ng Pilipinas (BSP) expects businesses in Central Visayas to appreciate some more into the third quarter of 2016 as the indications of robust fiscal economy and a solid backing of financial resources opening up to enhance spending in strategic centers continue.

With a less upbeat business outlook for the second quarter of 2016, owing to a noted decrease in business confidence, possibly due to the uncertainty of elections, BSP still sees employment and business expansion plans in Central Visayas looking favorable for the third quarter.

Beginning with a 32.6 in expansion plans in the second quarter of 2015, BSP sees it soar to 40.0 in the first quarter of 2016, but while it pegged at 26.9 in the second quarter, sound fiscal resource development in the region could trigger a rise, BSP Department of Economic Statistics Deputy Director Marriel Remulla explained.

As to employment outlook, BSP sees a flat 12.2 in the first half of 2016 but BSP expects a decline while the 609 Philippine banks in Central Visayas in 2015 went up to 622 in 2016, seven new universal and commercial banks opened in the region in the first half of the year.

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As to thrift banks, Central Visayas also saw the opening up of 5 new branches; from 119 in 2015 to 124 in the two quarters of 2016.

With more banks and more loans granted by these banks in the first quarter of 2016, BSP sees this as a much better economic foundation compared to the slow moving 2015, Remulla stressed during the 2016 Awards Ceremony and Appreciation Lunch for BSP Stakeholders in Region 7 held at the BSP Complex in Cebu.

With more banks, a slackened population growth rate from 1.9 in 2010 to 1.8 in 2015, and with total percentage of those still looking for work lessened to 20.1 percent from 23.5 in 2015, the future in Central Visayas seems bright.

Meanwhile, Gross Regional Domestic Product in the Central Visayas in services getting heaping increase in growth rate from 6.6 in 2014 to a whooping 8.9 in 2015, the economic indicators in the initial half of 2016 show appreciation at constant 2000 prices.

At current prices, services sector still get a .1% increase from 6.4 in 2014 while agriculture, hunting, forestry and fishing went up too from 3.9 to 4.3 % registering a better gross regional domestic product showing.

Over all, increasing financial resources, low inflation and positive employment growth plus a positive business outlook support a strong economic growth in the Visayas, BSPs Remulla summed. (rac/PIA-7/Bohol)

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