Third Quarter 2017

Cordillera Administrative Region ASSESSMENT OF LEADING ECONOMIC INDICATORS Leading economic indicators showed a mix picture of the regional economy for the quarter. Compared to the same period in 2016, improvements were achieved in terms of agricultural crops production except for palay and fisheries, PEZA exports, private building, revenue collection, energy consumption, employment, and prices and inflation. However, there were setbacks in the performance of mineral production and exports, non-PEZA exports, investments, and tourism arrivals. More corn, vegetables, fruits, livestock and poultry were produced while palay and fisheries production declined. Production and value of both metallic and non-metallic minerals also declined leading to lesser mineral exports. Also, the value of PEZA exports increased but non-PEZA exports decreased significantly. Tourism arrivals also declined. Private and MSME investments declined leading to lesser employment generation and retrenchment of some workers. These might affect the employment scenario in the succeeding quarters but as of this period, employment rate improved coupled by reduced unemployment and underemployment rates. Prices of goods improved with a lower inflation rate compared to the previous year. Energy consumption increased and this might even increase with the construction of 309 new private buildings during the quarter. Revenue collection also increased.

CONTENTS Page

I. Assessment

1

A. Agricultural Production

1

B. Mineral Production

4

C. Metallic Mineral Exports

5

D. PEZA & Non-PEZA Exports

6

E. Investments

6

F. Tourism

8

G. Private Building Construction

9

H. BIR Revenue Collection

9

I. Energy Consumption

10

J. Employment

11

K. Prices and Inflation

11

L. Motor Vehicle Registration

12

II. Challenges and Prospects

13

CAR Regional Economic Situationer | 1

A. AGRICULTURAL PRODUCTION Figure 1. Palay Production (MT) and Area Harvested (Ha), CAR: Q3 2016, Q2 2017, Q3 2017

Palay Production Contrary to national performance, the region’s palay production contracted to 58, 958 metric tons, one percent lower than the production in 2016 and 61 percent lower than the previous quarter.

160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 0

The lower palay production is due to the decrease in areas harvested and palay yield. Average area harvested was at 17, 550 hectares during the quarter, a 1.8 percent decrease from 2016 and almost 45 percent decrease from the previous quarter. On the other hand, palay yield posted a minimal 0.78 percent annual increase but posted an almost 30 percent decline from the preceding quarter.

Corn production was at an average of 97, 849 MT, a 13 percent year-on-year increase and a 137 percent increase from the second quarter. The Provinces of Ifugao and Kalinga are still the top producers in the region with production of 49, 409 MT and 24,995 MT respectively.

Q2 2017

Q3 2017

Palay Production (MT)

59,577

152,099

58,958

Area Harvested (Ha)

17,873

31,877

17,550

Figure 2. Palay Yield/Hectare, CAR: Q3 2016, Q2 2017, Q3 2017

6 5 4 3 2 1 0

Ifugao posted the highest palay production producing 16,697 metric tons (MT) followed by Kalinga with 16, 290 MT production. Corn Production

Q3 2016

35,000 30,000 25,000 20,000 15,000 10,000 5,000 0

Yield/Hectare

Q3 2016 3.33

Q2 2017 4.77

Q3 2017 3.36

Figure 3. Corn Production (in MT), CAR: Q3 2016, Q2 2017, Q3 2017 120,000 100,000 80,000 60,000 40,000 20,000 CAR

Abra

Q3 2016

86,486

Q2 2017

41,172

Q3 2017

97,849

Mt. Province

Apayao

Benguet

Ifugao

Kalinga

13,458

1,663

26

48,411

17,184

5,744

-

18,671

5

7,099

11,015

4,382

13,629

1,665

26

49,409

24,995

8,125

CAR Regional Economic Situationer | 2

Vegetable and Fruit Production A four percent year-on-year increase was achieved but quarter-on-quarter comparisons show a 6.3 percent decrease. Potato, cabbage, petchay and carrots were the top produce of the region in terms of volume during the quarter. The five percent increase in the production of major crops (cabbage, eggplant, tomato, camote, monggo) propelled the annual increase. However, production of priority vegetable crops which includes potato, radish, gabi, carrots, pepper, ginger, squash fruit, okra, string beans, ampalaya fruit, pechay, lettuce, cauliflower, broccoli, banana blossom and habitchuelas decreased by three percent. Figure 5. Fruit Production (MT), CAR: Q3 2016, Q2 2017, Q3 2017

Figure 4. Vegetable Production (MT), CAR: Q3 2016, Q2 2017, Q3 2017 35,000 30,000 25,000 20,000 15,000 10,000 5,000 Q3 2016

Major Crops 24,183

Priority Crops 33,179

Q2 2017

33,058

28,421

Q3 2017

25,398

32,216

10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 Q3 2016

Major Crops 8,742

Priority Crops 610

Q2 2017

7,997

1,011

Q3 2017

8,859

554

Total fruit production for the quarter amounting to 9,414 MT is greater than last year’s and the previous quarter’s production. Banana, pineapple, papaya and orange tops the quarters production in terms of volume. Livestock and Poultry The livestock and poultry industry of the region managed to increase production in spite of the bird flu outbreak in August 2017 which did not affect the region. The production of chicken and duck eggs posted a 7.7 percent increase year on year while poultry production increased by 16 percent quarter on quarter. Table 1. Livestock and Poultry Production (in MT), CAR: Q3 2016, Q2 2017, Q3 2017

Livestock Poultry Chicken & Duck Eggs

Q3 2016

Q2 2017

Q3 2017

8,181 2,199 1,003

7,624 1,923 1,054

8,346 2,228 1,080

Year-onyear % Change 2.0 1.3 7.7

Quarteron-quarter % Change 9.5 15.9 2.5

CAR Regional Economic Situationer | 3

Fisheries A total of 809.86 MT fisheries were produced during the quarter which is lesser by 3.7 percent compared to last year and by 34 percent compared to the previous quarter. The decline was expected for there has been the "traditional" drop in the performance of fisheries every 3rd quarter. B. Mineral Production Gold, silver and copper concentrate production contracted compared to last year’s production. Gold production decreased by 30 percent, silver by 23 percent, and copper concentrate by 20 percent. The reduction is a result of lower head grades and subsequent power outages in the production areas. Figure 6. Gold (Large-scale) & Silver Production (in kilograms) and Value (in Pesos) CAR: Q3 2016, Q2 2017, Q3 2017 Gold 1,400 1,200 1,000 800 600 400 200 -

Silver

1,256 900

884

3,000,000,000

1,400.00

2,500,000,000

1,200.00

2,000,000,000

1,000.00

1,500,000,000 1,000,000,000 500,000,000 -

50,000,000

979.39

837.39

40,000,000

800.00

30,000,000

600.00

20,000,000

400.00

10,000,000

200.00

-

-

Q3 2016 Q2 2017 Q3 2017 Quantity (in Kg)

1,271.00

Q3 2016

Value (in PhP)

Q2 2017

Q3 2017

Quantity (in Kg)

Value (in PhP)

Figure 7. Copper Concentrate Production (in Dry Metric Tons) and Value (in Pesos) CAR: Q3 2016, Q2 2017, Q3 2017 25,000

1,150,000,000

20,000

1,100,000,000

15,000

1,050,000,000

10,000

1,000,000,000

5,000 Quantity (in DMT) Value (in PhP)

Q3 2016 20,383

Q2 2017 15,703

Q3 2017 16,273

1,009,270,942

1,071,773,202

1,112,286,696

950,000,000

However, the value of copper grew by 10.21 percent. Experts attributes this to the stronger demand from China’s infrastructure and manufacturing sectors. This was reinforced by the supply disruptions from the world’s key copper mines. CAR Regional Economic Situationer | 4

On, non-metallic mineral production, reduction in terms of quantity and value were recorded for slakelime, limestone, and sand and gravel. Only quicklime production increased in terms of quantity and value. Table 2. Non-metallic Minerals Production and Value CAR: Q3 2016, Q2 2017, Q3 2017 Mineral

Quantity Q3 2016 1,736.91 13.91

Quicklime (MT) Slakelime (MT) Limestone (MT)

3,130.53 286,313

Sand and Gravel (cu.m.)

Value (in PhP)

Q2 2017 2,427.75 24.69 -

Q3 2017 2,392.75 7.28 1,532.02

326,608

187,062

Q3 2016

Q2 2017

Q3 2017

13,580,442 76,004.24 1,399,346.9 1 78,477,802

19,368,439 147,225.84 -

18,277,634 44,550.72 684,812.94

278,883,740

74,824,952

C. Metallic Mineral Exports With the decline in production, quantity and value of mineral exports also declined for the quarter. Gold exports declined by 38 percent, silver by 47 percent, and copper by 25 percent. Figure 8. Gold Exports (Kg) & Value (BillionPhP), CAR: Q3 2016, Q2 2017, Q3 2017 1,200 1,000 800 600 400 200 Quantity (Kg)

Q3 2016

Q2 2017

Q3 2017

1,116

922

692

1.861

1.425

Value (in 2.263 Billion PhP)

Figure 9. Silver Exports (Kg) & Value (Million PhP), CAR: Q3 2016, Q2 2017, Q3 2017

2.500 2.000 1.500 1.000 0.500 -

1,400 1,200 1,000 800 600 400 200 -

Silver (Kg)

Q3 2016 1,263

Q2 2017 183

Q3 2017 671

40.000 35.000 30.000 25.000 20.000 15.000 10.000 5.000 -

Value (in 37.992 22.899 17.954 Million PhP)

Figure 10. Copper Concentrate (Dry Metric Tons) & Value (Million PhP), CAR: Q3 2016, Q2 2017, Q3 2017 25,000

1050

20,000

1000

15,000

950

10,000

900

5,000

850

0 Copper (DMT) Copper (Million PhP)

Q3 2016 20,044

Q2 2017 15,037

Q3 2017 15,039

999

893

959

800

CAR Regional Economic Situationer | 5

D. PEZA and Non-PEZA Exports The value of PEZA exports picked up by 41 percent from last year but dipped by 37 percent compared to the previous quarter. Almost 98 percent of it came from the Baguio City Economic Zone (BCEZ), 1.5 percent from the John Hay Special Tourism Economic Zone (JHSTEZ), 0.76 percent from the SM Baguio Cyber zone, and 0.04 percent from the Neutrinus IT Center. Figure 11. PEZA Exports (in US $) and Employment Generated, CAR: Q3 2016, Q2 2017, Q3 2017 1,000,000,000.00 900,000,000.00 800,000,000.00 700,000,000.00 600,000,000.00 500,000,000.00 400,000,000.00 300,000,000.00 200,000,000.00 100,000,000.00 -

Q3 20 16

PEZA Exports 408,013 (in US $) Employment Generated

15,168

Q2 20 17

Q3 20 17

924,278

575,819

15,436

15,285

15,500 15,450 15,400 15,350 15,300 15,250 15,200 15,150 15,100 15,050 15,000

Radio, Television and Communication Equipment exports account for 69.7 percent of the total PEZA exports for the quarter, followed by Fabricated Metal Products that accounted for almost 26 percent. Call centers posted a 4 percent share while textile, wearing apparel, rubber and plastic products share the rest. On employment generation, the PEZA was able to generate a total of 15, 285 jobs during the quarter, 117 jobs more than the previous year but 151 lesser than the previous quarter. Of the total employment generated by PEZA, the BCEZ employs 70 percent while in terms of industry, call centers employ over 59 percent.

On the other hand, non-PEZA exports during the quarter amounted to 410,000 pesos which is 81 percent lower than the 2.140 million pesos worth of exports in the previous year. The significant decline is because only the sales of the direct MSME exporters are reported and that targeted activities to generate exports are scheduled in the following quarter. E. Investments The value of SEC-registered investments decreased by six percent from the same quarter last year. This is due to the 21 percent decrease in the volume of investments of stock corporations. There were more investors registered and the volume of investments of partnership organizations increased but were not enough to offset the decline of stock corporation investments.

CAR Regional Economic Situationer | 6

Table 3. SEC-Registered Investments (In PhP) & Number of Registrants CAR: Q3 2016, Q2 2017, Q3 2017 Q3 2016 SEC-Registered (In pesos) Stock Corporation Volume of Investment Number of Registrants Partnership Volume of Investment Number of Registrants

Q2 2017

Q3 2017

34,834,625

53,861,850

32,862,250

30,099,625 30

48,803,850 41

23,819,750 36

4,735,000 14

5,058,000 20

9,042,500 20

DTI-registered investments also posted a 47 percent annual decline from the 567.6 million in 2016 to 300.4 million during the quarter. All provinces experienced a decline in investments with Ifugao having a 98 percent decrease. Such decline in investments resulted to a 32 percent decrease of employment generated by MSMEs from the 6,404 jobs generated during the third quarter of 2016 to 4,364 jobs of the current quarter. Figure 12. DTI -Registered Investments by Province (in Million Pesos) CAR: Q3 2016, Q2 2017, Q3 2017 140.000 120.000 100.000 80.000 60.000 40.000 20.000 0.000 Abra

Apayao

Baguio

Benguet

Ifugao

Kalinga

Q3 2016

90.050

78.820

95.470

106.440

15.550

52.930

Mountain Province 128.320

Q2 2017

111.830

97.542

38.940

85.750

14.410

23.668

66.987

Q3 20172

77.402

53.510

32.990

52.340

0.319

24.280

59.530

The decline is primarily due to project implementation delays or even nonimplementation with the persisting challenge of non-submission of Bottom-up Budgeting (BuB) project liquidation reports by LGUs. Also, reforms promoting ease of doing business such as the simplification of BPLS needs to be complemented with efficient support infrastructure such as road networks and telecommunication facilities.

CAR Regional Economic Situationer | 7

F. Tourism For the tourism industry, arrivals decreased by 14 percent from last year and by 40 percent from the previous quarter. Majority of the provinces posted a decrease for the quarter except for Baguio City and Ifugao. The 81 percent annual decline of tourist arrivals in Kalinga is a result of their adoption and compliance to the Standard Local Tourism Statistics Systems (SLTSS) where data is correctly disaggregated into same-day visitors and overnight visitors. However, the regional decline will narrow down with the finalization of data reporting and the submission of Abra and Mountain Province. Figure 13. Tourist Arrivals CAR: Q3 2016, Q2 2017, Q3 2017 500,000 450,000 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 -

Q3 2016

Q2 2017

Q3 2017

328,839

471,700

282,289

883

519

644

Baguio City

241,277

360,811

252,328

Benguet

19,412

23,209

12,143

Ifugao

11,153

15,282

11,164

Kalinga

32,635

23,042

6,010

Mt. Province

23,479

48,640

48,640

CAR Abra

197

Apayao

Table 4. Tourist Arrivals by Type of Tourists CAR: Q3 2016, Q2 2017, Q3 2017 Type of tourists Philippine Residents Non-Philippine Residents Overseas Filipinos

Q3 2016

Q2 2017

Q3 2017

307,965

449,548

269,945

20,788

21,802

11,509

86

350

835

By type of tourists, decline in the number of both foreigner (45 % annual and 47 % quarter on quarter) and local tourists (12 % annual and 40% quarter on quarter) can be observed. On the bright side, the number of Overseas Filipinos visiting the region multiplied by 871 times compared to last year and by 139 percent compared to last quarter.

CAR Regional Economic Situationer | 8

G. Private Building Construction The private sector increased its investment in building constructions with a total of 309 buildings and total floor area of 61,655 square meters built within the quarter. Of these new buildings, residential buildings comprise around 75 percent. Figure 14. Private Building Construction, CAR: Q3 2016, Q2 2017, Q3 2017 320 310 300 290 280 270 260 250 Number

Q3 2016 274

Q2 2017 316

Figure 15. New Construction by Type, CAR: Q3 2016, Q2 2017, Q3 2017 250 200 150 100 50 0

Q3 2017 309

215

234 231

23 24 26

16 18 24

2 4 1

Residential Commercial Industrial Q3 2016

Q2 2017

Others

Q3 20172

H. BIR Revenue Collection Tax collections in the region increased by around 21 percent compared to the same period last year with a total of 1.655 billion pesos. The increase is due to the increased tax collections from all types of tax except for those under other taxes (one time transactions, registration fees, and other default taxes) which posted a 1.6 percent decline. Table 5. BIR Revenue Collection, CAR: Q3 2016, Q2 2017, Q3 2017 Indicator Total

Quarter 3 2016 1,373,062,228

Quarter 2 2017 1,709,025,364

Quarter 3 2017 1,655,692,145

Tax on Income and Profit

823,537,342

1,127,878,200

Value-Added Tax

414,429,834

385,221,630

453,927,744

3,395,981

4,238,440

4,970,838

77,733,170

138,392,422

107,527,966

53,965,899

53,294,670

53,095,841

Excise Tax Percentage Tax Other Taxes

1,036,169,753

CAR Regional Economic Situationer | 9

I. Energy Consumption Energy consumption in the region reached 380,159 KWH for the quarter, which is 0.2 percent higher than energy consumption in 2016 and 46 percent higher than the previous quarter. Table 6. Energy Consumption (KWH) by Type of Use, CAR: Q3 2016, Q2 2017, Q3 2017

The annual increase in energy consumption is driven by commercial consumption and other uses of energy while energy consumption for residential, industrial and public buildings posted significant decrease. The 22 percent decline in industrial energy consumption can be related to the subsequent power outages experienced in the mineral production areas.

Type of Use

Q3 2016

Q2 2017

Q3 2017

Total Residential Commercial Industrial Public Buildings Others

379,280 209,254 129,352 8,256 22,678 9,740

260,037 142,633 89,881 5,007 15,383 7,133

380,159 207,010 133,812 6,411 22,393 10,533

Figure 16. Energy Consumption by Type of Use, CAR: Q3 2017 Residential Commercial

Residential consumption accounted for 54 percent of the total consumption followed by commercial use accounting for 35 percent.

Industrial Public Buildings

Benguet Electric Cooperative, Inc. (BENECO) utilized 80 percent of the total energy consumption while the remaining 20 percent by the other cooperatives. Compared to the same period last year, energy consumption of Ifugao Electric Cooperative, Inc. declined by seven percent while Abra Electric Cooperative Inc. by 33 percent. The other electric cooperatives consumed more compared to the previous year. Figure 17. Energy Consumption by Electric Cooperative CAR: Q3 2016, Q2, 2017, Q3 2017 400,000 350,000 300,000 250,000 200,000 150,000 100,000 50,000 -

Q3 2016

Q2 2017

Q3 2017

Mountain Province Electric Cooperative

13,684

9,405

14,290

Kalinga-Apayao Electric Cooperative

24,281

15,425

24,985

Ifugao Electric Cooperative, Inc.

14,784

10,002

13,749

Benguet Electric Cooperative Inc

292,196

202,297

304,226

Abra Electric Cooperative Inc

34,335

22,908

22,908

CAR Regional Economic Situationer | 10

J. Employment Labor Force Participation dipped to 64.5 percent this quarter, lower by 0.8 percent compared to the same period last year but increased by 2.5 percent compared to the previous quarter. Employment rate increased from 95 percent last year to 96.6 percent this quarter, even higher than the 95.9 percent of the previous quarter. Contributing to this is the 45,110 job applicants placed by the Department of Labor and Employment (DOLE)-CAR for the quarter. Unemployment also decreased from five percent of July 2016 to 3.4 percent. However, there were 266 retrenched workers for the quarter who might be unemployed for the succeeding months.

Figure 18. Unemployment and Underemployment Rate, CAR: Q3 2016, Q2 2017, Q3 2017 30.0 25.0

24.6

20.0 15.7

15.0

14.6

10.0 5.0

5.0

4.1

3.4

0.0 Q3 2016

Q2 2017

Q3 2017

Unemployment Rate Underemployment Rate

Underemployment also declined from 24.6 in July 2016 to 14.6 during the quarter, still lower than the 15.7 percent in April 2017. This means that fewer workers are looking for additional work aside from their current occupations. K. Prices and Inflation Regional average inflation rate for the quarter was at 1.8 percent, lower than the 1.9 percent of third quarter 2016 and the 3.1 percent national inflation rate for the same quarter. The decrease was due to the 1.2 percent slowdown in food and non-alcoholic beverages prices. However, quarter-on-quarter comparisons show a slight increase from the 1.6 percent of the previous quarter with higher prices of alcoholic beverages, tobacco and non-food items. For non-food commodities, yearon-year price hike were highest for transport (1.7%) and 1.5 percent for housing, water, electricity, gas & other fuels.

Figure 19. Regional Inflation Rate, CAR: Q3 2016, Q2 2017, Q3 2017, 9 8 7 6 5 4 3 2 1 0

All Items

Food & NonAlcoholic Alcoholic Beverages Beverages, Tobacco

Q3 2016

Q2 2017

Non-Food

Q3 2017

CAR Regional Economic Situationer | 11

Provincial comparisons show that Ifugao had the highest inflation rate (3.4%) since the first to third quarter of 2017. However, Consumer Price Index (CPI) shows that Mountain Province have the highest price of goods in average with CPI of 156 for all items followed by Ifugao with 152. Table 7. Inflation Rate by Province (in percent): Q3 2016, Q2 2017, Q3 2017 Province

Q3 2016

Q2 2017

Q3 2017

Abra

2.4

1.3

1.9

Apayao Benguet

1.1 0.9

0.8 1.1

0.5 1.1

Ifugao Kalinga

3.4 3.3

3.7 2.5

3.4 2.6

Mountain Province

3.9

2.1

3.1

L. Motor Vehicle Registration There were 45, 335 registered motor vehicles in the region during the quarter. Of these, 86 percent are private motor vehicles, 13 percent are for hire and 1 percent are government vehicles. There were 5,484 motor vehicles that were newly registered while the rest are for renewal. Among provinces/city, Baguio City accounts for 33 percent of the total regional MV registrations followed by Benguet with 27 percent, Abra with 16 percent while the rest of the provinces have six percent share each.

Figure 20. Motor Vehicle Registration per Province/City, CAR: Q3 2017

6%

6%

Abra

16%

6%

Apayao 6%

Baguio City Benguet Ifugao

27% 33%

Kalinga Mountain Province

CAR Regional Economic Situationer | 12

CHALLENGES AND DEVELOPMENT PROSPECTS On increasing investments, the establishment of 14 additional Negosyo Centers for the fourth quarter of 2017 is targeted. Assistance to LGUs with problematic implementation of BUB projects will also be rendered. The Department of Trade and Industry (DTI) will also be implementing OTOP Next Gen and Pondo Para sa Pagbabago at Pag-asenso (P3), new MSME development projects though improving quality of products and providing micro finance services to micro enterprises with low interest rate. Another new project is the Trabaho, Negosyo, Kabuhayan, a convergence project of DOLE and DTI. Towards the improvement of data collection and data reporting of tourism arrivals, Tourism Establishments’ Forum will be conducted for accommodation establishments who are the sources of data. The forum is aimed at capacitating the private sector in tourism data recording and reporting to improve the Local Tourism Statistics System. Regular conduct of Tourism Officers’ Meeting will also be sustained to closely monitor tourism data submission, benchmark on tourism issues, concerns, and tourism programs as well as extend support to LGUs. The Bureau of Internal Revenue (BIR) aims to improve revenue collection through enhanced taxpayer voluntary compliance, improved legal tax policy advice services, and through efficient collection and assessment. The implementation of the Tax Reform for Acceleration and Inclusion (TRAIN) which aims to limit the Value Added Tax (VAT)-zero rating to direct importers and thereby remove VAT exception of local suppliers of PEZA might decrease PEZA local purchases amounting to 250 billion pesos annually as PEZA-registered enterprises will opt to shift to import goods (e.g raw materials) which are duty-free and tax-exempt. PEZA investments are also projected to increase with the increasing investment pledges but the potential will only be fully realized if the national government will expedite the approval of economic zone development. As of the quarter, P72.3 billion worth of special economic zones are still awaiting presidential proclamation. Prospects for mineral production include assistance to small scale miners specifically in their application for Minahang Bayan areas in the region. Also, the revised Implementing Rules and Regulation of Republic Act 7076 otherwise known as People’s Small Scale Mining Act requires the establishments of centralized custom mills within Minahang Bayan areas. Assistance in the establishment of these custom mills will then be provided to mineral processing operators and extractive metallurgy of gold.

CAR Regional Economic Situationer | 13

We would like to acknowledge the contribution of the following RES Task Force members: Agency

Head of Office

TWG Representatives

Benguet Electric Cooperative

Gerardo Verzosa General Manager

Juliet D. Alciso Olive O. Bete

Bureau of Internal Revenue

Teresita M. Dizon Regional Director

Barnabas B. Akilit Juliefer B. Balaoag

Department of Environment and Natural Resources

Fay W. Apil Regional Director

Vivian T. Romero

Department of Labor and Employment

Exequiel Ronie A. Guzman Regional Director

Myrene A. Bosleng

Department of Tourism

Marie Venus Q. Tan Regional Director

Jovy Ganongan

Department of Trade and Industry

Myrna P. Pablo Regional Director

Karen M. Lising

Department of Transportation

Jose Eduardo L. Natividad Regional Director

Ma. Theresa G. Yatar

National Electrification Administration

Edgardo R. Masongsong Administrator

Leilani L. Rico

National Economic and Development Authority

Milagros A. Rimando Regional Director

Dolores J. Molintas Antonette A. Anaban

Philippine Export Zone Authority

Rene Joey S. Mipa Zone Administrator

Modesto L. Agyao, Jr.

Securities and Exchange Commission

Regina May M. Cajucom OIC-Regional Director

Edward R. Garcia Clarence R. Rillota

Philippine Statistics Authority

Villafe P. Alibuyog Regional Director

Federico R. Bahit, Jr.

CAR Regional Economic Situationer | 14