Third and Fourth Quarters 2013
National Economic and Development Authority
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Eastern Visayas – Regional Economic Monitoring and Analysis A quarterly update of the economic performance of Eastern Visayas
Highlights The region’s economy marked a positive performance in most of the development indicators during the third quarter compared to the same period a year ago. However, the onslaught of Supertyphoon (ST) Yolanda in the fourth quarter of 2013 severely affected the region. Bottlenecks in the supply chain influenced the prices of commodities. Prices of commodities escalated and, as a result, inflation rate rose and the purchasing power of peso went down.
Inside this Issue Page 2
Employment rate remained stable. However, the effect of the typhoon on labor and employment is expected to be felt in the succeeding quarters. Tourist arrivals moved upward after the devastation of the typhoon. The regional export and import earnings were vibrant in the third quarter but substantially dropped in the fourth quarter. All agricultural commodities, excluding duck meat, recorded negative growth rates in the third quarter of 2013. The fourth quarter production was worsened by ST Yolanda. Revenue collection grew but decelerated in the fourth quarter. Moreover, the average value of Philippine peso has weakened in the last two quarters of the year.
3
Prices Labor and Employment
4 External Trade 4 Agricultural Production 7 Construction 8
Tourist Arrivals and Receipts
9
Shipping Statistics
10
Exchange Rate
11
Revenue Collection
12
Development Outlook
Value of new construction projects posted higher in the third quarter but tremendously declined in the fourth quarter. Both passenger and cargo traffic registered positive growth in the third quarter. While passenger traffic in the fourth quarter remained high, cargo traffic suffered a major decline because of damaged ports that resulted to lower shipment.
Downloadable at: nro8.neda.gov.ph
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Prices The average inflation rate in the third and fourth quarters of 2013 was pegged at 4.1% and 5.9%, respectively. It inched up by 1.8 percentage points from the third to the fourth quarter as an immediate result of ST Yolanda, which badly hit the region in the last quarter of the year. The disaster severely damaged inventories, facilities and congested major sea ports, which resulted to the limited supply of goods, especially in disaster-stricken areas. Consequently, higher prices of commodities were observed.
The high inflation rate increase was mainly due to the higher prices of major commodity groups such as food and non-alcoholic beverages and alcoholic beverages and tobacco. As shown in Figure 1, inflation rate in all provinces of the region accelerated. Across provinces, Samar registered the highest average inflation rate of 9.9% during the last two quarters of the year. This was followed by Eastern Samar at 5.3% and Southern Leyte at 4.8%. Price increase in these areas is attributed to the limited supply of goods and services in the heavily devastated areas of ST Yolanda, thus forcing the people to move into the proximate capital towns and cities (e.g. Catbalogan, Borongan and Maasin) to purchase basic goods and services.
The region’s inflation rates in the third and fourth quarters of 2013 are higher than the national average inflation rates of 2.4% and 3.4%, respectively. They are likewise higher compared to the inflation rates of 2.9% in the third quarter and 3.4% in the fourth quarter of 2012.
Figure 1 Inflation Rate by Province (2006=100) 3rd and 4th Quarters 2012 vs 3rd and 4th Quarters 2013
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Inflation Rate
10 Q4 2013
8
Q3 2013
6
Q4 2012 4
Q3 2012
Source: NSO VIII
2 0 Leyte
So. Leyte
-2
Biliran
Samar N. Samar Exports
E. Samar
Province
Source: Philippine Statistical Authority (PSA) – National Statistics Office (NSO) VIII
Purchasing Power of Peso The purchasing power of peso in the last two quarters of 2013 declined from the same period of last year. It settled at 0.72 in the third quarter of 2013 compared to 0.74 in third quarter of 2012. Similarly, the fourth quarter purchasing power of
peso, at 0.70, is lower by 0.04 centavos from last year and 0.02 centavos from the previous quarter. All provinces reported a downtrend of the purchasing power of peso from the third to the 2
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fourth quarter. Samar registered the lowest with 0.68 in the third quarter and 0.65 in the fourth quarter, followed by Leyte with 0.69 and 0.68, respectively. This denotes that the value of one peso in 2006 (base year) is only worth 72 centavos in the third quarter of 2013 and 70 centavos in the fourth quarter of the same year. Hence, lesser goods and services can be purchased now. The reduction is due to the higher prices of commodities brought about by the typhoon.
On the other hand, employment rate slightly dropped from 95% to 94.8% in the third and fourth quarters of 2013, respectively. These two figures are a bit lower compared to the employment rates of the same quarters in the previous year. This translates to a total of 1.8 million persons employed in the fourth quarter, lower by 0.2% (14,945) from the third quarter. Compared to the national average of 92.7% in the third quarter and 93.6% in the fourth quarter, the region’s employment rate was higher. Among the regions, Eastern Visayas ranked 5 th in the third quarter but slid down to the 9th rank in the fourth quarter of the year.
Labor and Employment
Moreover, underemployment rate abruptly climbed up to 29.0% in the third quarter from 20.8% of the previous quarter. This means that 527,406 out of the 1.8 million employed persons are either still seeking additional hours of work in their present job or an additional job, or have a job with longer working hours.
The region’s working population in the third quarter was estimated at 3.01 million (Table 1). This is higher by 0.5% from the preceding quarter and 2.1% from the same period a year ago. However, a decline of 0.3% was noted in the fourth quarter of 2013. In terms of labor force participation rate, a steep decline of 3.2% was recorded from the second to the third quarter of 2013. For the last two quarters in review, labor force participation rate illustrated a minimal decrease of 0.2%, which has put the region’s economically active population to 1.9 million during the last quarter.
During the third quarter, by major industry group, 45.4% was employed in the services sector; 44% in the agriculture, hunting, forestry and fishing sector; and 10.6% in the industry sector. A comparable pattern was observed in the fourth quarter wherein
Table 1 Labor Force Participation, Employment, Unemployment and Underemployment Rates 3rd and 4th Quarters 2012 vs 3rd and 4th Quarters 2013 Percentage Point Change Indicator
Household population 15 years old and over (in 000) Labor Force Participation Rate Employment Rate Unemployment Rate Underemployment Rate
Q3 2012
Q4 2012
Q2 2013
Q3 2013
Q4 2013
2,949
2,951
2,996
3,010
3,001
62.7 95.7 4.3 28.9
63.0 94.9 5.1 25.1
66.8 95.0 5.0 20.8
63.6 95.0 5.0 29.0
63.4 94.8 5.2 24.7
Q3 2012 vs Q3 2013
Q2 2013 vs Q3 2013
Q4 2012 vs Q4 2013
Q3 2013 vs Q4 2013
2.1
0.5
1.7
-0.3
0.9 -0.7 0.7 0.1
-3.2 0.0 0.0 8.2
0.4 -0.1 0.1 -0.4
-0.2 -0.2 0.2 -4.3
Source: PSA – NSO VIII, July and October 2012 Labor Force Survey and April, July and October 2013 Labor Force Survey
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manufacturing companies, which are the key import and export players of the region. Their operations had been stymied by the resulting damage to machinery, ports and other facilities from the supertyphoon.
46.3% was in the services sector; 44.5% in the agriculture hunting, forestry and fishing sector; and 9.3% in the industry sector. More males are employed than females during the two periods in review. It posted an average of 63.5% employed males in contrast to 36.5% employed females.
Agricultural Production All agricultural commodities, excluding duck meat, recorded negative growth rates in the third quarter of 2013. The fourth quarter production was worsened by Supertyphoon Yolanda.
The effect of the typhoon on labor and employment is expected to be reflected in the succeeding labor force survey. The data presented in this issue were obtained before the disaster occurrence.
External Trade Palay
The regional export and import earnings were vibrant in the third quarter of 2013. They grew by 161.5% and 151.8%, respectively (Table 2). They were more than twice as high as the previous year. Higher export of cathodes, other mineral products, and coconut and copra by-products triggered the tremendous mark-up.
Palay production slipped by 2%, from 169,841 metric tons (MT) in the same period of 2012 to 166,150 MT in the third quarter of 2013 (Figure 2). The peak harvest seasons for palay are in the second and fourth quarters. Thus, on a quarter-by-quarter comparison, the output for the fourth quarter of this year, which is 291,916 MT, was 76% higher than that of the previous quarter.
However, the disruptions wrought by ST Yolanda led to the substantial drop in export and import earnings during the fourth quarter. Value of exports decelerated by 46.1% while imports were heavily down by 83.4%. The decline is attributed to either the temporary and/or permanent shutdown of the heavy industries in the Leyte Industrial Development Estate and some oil manufacturing companies, which are the key import and export players Table 2 of the region. Their
However, compared to the 2012 fourth quarter yield of 310,343 MT, the 2013 fourth quarter harvest was 6% lower. This decrease in yield is attributed to ST Yolanda, which affected 30,284 hectares of riceland.
Value of Exports and Imports in US Dollar, Region VIII 3 rd and 4th Quarters 2012 vs 3rd and 4 th Quarters 2013 % Change Q3 2012 vs Q3 2013
Q4 2012 vs Q4 2013
160,917,600
161.5
-46.1
70,389,231
151.8
-83.4
Indicator
Q3 2012
Q4 2012
Q3 2013
Q4 2013
Exports
126,255,393
298,490,565
330,220,954
Imports
158,689,444
423,295,288
399,656,371
Source: PSA-NSO VIII
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Despite having 12% less than the previous year’s yield due to typhoon damage, Leyte still dominated the other provinces. It contributed 44% of palay harvest for the second semester of 2013. Samar and Northern Samar followed with 17% and 13%, respectively.
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Third and Fourth Quarters 2013
Figure 2 Palay Production
Corn
3rd and 4th Quarters 2012 vs 3rd and 4th Quarters 2013
Similarly, ST Yolanda took its toll on corn production, albeit minimally. Total production for the third quarter of 2013 inched down by 1% from 21,143 MT of the same period last year (Figure 3). Fourth quarter yield also contracted by 4% compared to that of the same period in 2012, which was 25,377 MT.
350,000 300,000
310,343 291,916
Metric tons
250,000 200,000 150,000
169,841
Across provinces, Leyte had the lion’s share of 58%. Northern Samar and Southern Leyte contributed 18% each.
166,150
100,000 50,000 Q3 2012
Q4 2012
Q3 2013
Q4 2013
Figure 3 Corn Production
Source: Bureau of Agricultural Statistics (BAS) VIII
3rd and 4th Quarters 2012 vs 3rd and 4th Quarters 2013
Coconut1 30,000
Among the agricultural crops of the region, coconut sustained the greatest damage from ST Yolanda. The Philippine Coconut Authority estimated that over 33 million trees were destroyed, resulting to 8.5% reduction of annual coconut (with husk) harvest from 2012 to 2013, which was 1.62 million MT.
25,000 Metric tons
25,377 20,000
21,143
24,308 20,858
15,000 10,000 5,000
Abaca1
Q3 2012
From 19,191 MT in 2012, total abaca production Source: BAS VIII likewise had a 14% shortfall in 2013. According to the Philippine Fiber Industry Development Authority, three factors caused this reduction. These are the: 1) presence of bunchy top disease, which the agency is still trying to eradicate; 2) lack of field personnel to monitor the transport/movement of abaca from traders to the grading/baling establishments, which is a consequence of the recent implementation of the Rationalization Plan; and, 3) damage wrought by 1 As of this writing, no data on the third and fourth quarters of 2013 were posted on www.countrystat.bas.gov.ph. ST Yolanda. 5
Q4 2012
Q3 2013
Q4 2013
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Livestock and Poultry For the third quarter of 2013, a slight decrease of 0.45% was noted in carabao, cattle, hog, and goat meat production as against the yield of the previous year’s third quarter (Figure 4).
Figure 5 Poultry Production 3rd and 4th Quarters 2012 vs 3rd and 4th Quarters 2013
14,000
In contrast, livestock meat yield rose by 0.26%, from 31,297 MT in the same quarter of 2012 to 31,377 MT in the fourth quarter of 2013. Among these commodities, hog had a share of 84% and carabao had 13% to this quarter’s production.
Metric tons
12,000
The seemingly lack of impact of the typhoon on livestock production can be explained by the huge number of livestock growers who slaughtered their stock due to the immediate demand for food (with an observed preference of consumers for meat than fish) and nonavailability of feeds within weeks after the devastation of ST Yolanda.
Combined chicken and duck meat production of the region in the fourth quarter in review is 32% less than the previous year’s output because of ST Yolanda.
31,377
Metric tons
22,274
10,000 5,000 Q4 2012
Q3 2013
4,000
Meanwhile, production rate of chicken meat decelerated by 8% in the third quarter and lowered further by 33% in the fourth quarter (Figure 5). By contrast, due to demand, duck meat production jumped by 15% in the fourth quarter after a 1% slide in the third quarter.
15,000
Q3 2012
8,337
6,000
Source: BAS VIII
25,000 22,374
9,474
Q3 2012 Q4 2012 Q3 2013 Q4 2013
35,000
20,000
10,313
-
3rd and 4th Quarters 2012 vs 3rd and 4th Quarters 2013
31,297
8,000
12,207
2,000
Figure 4 Livestock Production
30,000
10,000
Q4 2013
Source: BAS VIII
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Fishery The 2013 second semester regional fisheries production rate further dived by 43% (Figure 6). This rate pales off in comparison with the previous year’s rate of negative 2%.
All fisheries subsectors experienced slips in the third quarter of 2013, bringing the total yield to 32,065 MT only. Cuts of 18% for commercial fisheries production and 4% for municipal fisheries were noted.
For the last ten years, regional fisheries production, which is predominantly capture in nature, peaked during the second quarter, then tapered from third quarter to the first quarter of the succeeding year. This trend, which is also evident in all three subsectors, is attributed to the occurrence of the northeast monsoon during the second quarter and southeast monsoon on the second part of the year.
ST Yolanda further compounded this problem by slashing the fourth quarter harvest to 21, 449 MT, which is 52% less than the fourth quarter production of 2012. Commercial fisheries has 54% reduction while municipal fisheries has 21% shrinkage. No production data was recorded for aquaculture.
New Construction
Figure 6 Fisheries Production 3rd and 4th Quarters 2012 vs 3rd and 4th Quarters 2013
The region’s new construction projects in the third quarter was recorded at 538 (Table 3). This is a 58.24% increment from the second quarter but 4.95% lower than a year ago. Total value of construction amounted to PhP996 million, higher than the previous quarter and last year. Data on new construction projects were based on approved building permits.
60,000.00 50,000.00 Metric tons
49,022.20
40,000.00 30,000.00 20,000.00
44,856.42
Across provinces in the region, number and value of construction for Leyte consistently remained highest at 340 with an average amount of PhP480 million. This can be attributed to the fact that the province is the commercial and settlement hub of the region. Meanwhile, Eastern Samar was the lowest in terms of the total value of construction at PhP24 million with 26 new construction projects for the quarter.
32,064.81 21,449.93
10,000.00 Q3 2012 Q4 2012 Q3 2013 Q4 2013 Source: BAS VIII
For the fourth quarter, a significant reduction of the number and value of new construction projects was recorded. New construction projects
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Table 3 Number, Floor Area and Value of New Constructions 3rd and 4th Quarter 2012 vs 3rd and 4th Quarter 2013 Indicator
Q3 2012
Q4 2012
Q2 2013
Q3 2013
Q4 2013
Number Floor Area (sq. m.) Value (in 000 pesos)
566 115,881
307 44,019
340 40,175
538 117,673
162 60,710
Q3 2012 vs Q3 2013 -4.95 1.55
883,301
323,549
322,390
996,840
278,170
12.85
% Change Q4 2012 vs Q4 2013 -47.23 37.92
Q3 2013 vs Q4 2013 -69.89 -48.41
-14.03
-72.09
Source: census.gov.ph
slumped by 69.89% from the previous quarter and 47.23% from last year. Similarly, total value of construction also lowered by 72.09% compared to the preceding quarter and 14.03% to last year.
However, based on the influx of humanitarian groups who arrived in the region to provide disaster relief, it can be surmised that arrivals of foreigners and receipts may have increased in the fourth quarter.
The reduction was mainly a repercussion of ST Yolanda which prevented investors, stakeholders, and private individuals to construct residential and non-residential buildings during the quarter.
Figure 7 Tourist Arrivals 3rd and 4th Quarters 2012 vs 3rd and 4th Quarters 2013
Tourist Arrivals and Receipts Inbound visitors of Eastern Visayas for the third and fourth quarters of 2013 totaled 304,033 (Figure 7). This is 20.7% higher than last year. The improved data collection of the LGUs brought about by the strong advocacy on the importance of tourism statistics was cited as the primary reason for the increase.
293,977 237,511
Domestic tourists registered an increase of 23.8%. Foreign tourist arrivals, however, suffered a decline of 30.3%. Tacloban City, which in the previous years posted the largest share to the total tourist arrivals in the region, was not able to submit tourism statistics for the months of November and December 2013 due to the onslaught of ST Yolanda.
14,426
10,056
Q3 & Q4 2012
Q3 & Q4 2013
Domestic
Foreign
Source: Department of Tourism (DOT) VIII
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Shipping Cargo Traffic foreign cargoes fell by 25.59% and 36.44%, respectively.
The Project Management Office (PMO) Tacloban, which covers the baseport Tacloban and the Terminal Management Offices (TMOs) of Borongan, Calbayog, Catbalogan, San Isidro, San Jose, and Liloan, reported its cargo traffic to be 7.77% higher in the third quarter than in the same quarter of 2012 (Table 4). Domestic cargoes upturned by 15.51% while foreign cargoes decelerated by 36.98% from last year. The higher domestic shipment of aggregates at TMO Borongan, TMO Catbalogan, and the private port of Shemberg, as well as copra products at the government ports of San Juan, Sogod, baseport Tacloban, and TMO San Jose triggered the increase in total cargo throughput. Inversely, the significant decline in foreign cargoes was caused by the lower shipment of fuel at the private port of Shell Anibong and exportation of chrome ore at Eastern Samar ports. Furthermore, fewer loading of copra products at the private ports of the New Leyte Edible Oil, Inc., and the Samar Coco Products Manufacturing Corp., and baseport Tacloban contributed to the drop in foreign cargo throughput.
The reduction was due to Yolanda-damaged ports of the New Leyte Edible Oil, Inc, Tacloban Oil Mill, Inc., Shell Anibong, Petron and Supreme Star Oil in Capoocan. This resulted to lower shipment of fuel and copra products. In addition, shipment of relief goods for the victims of ST Yolanda was given priority to commercial shipments, which further lowered the cargo throughput. On the other hand, PMO Ormoc, covering the baseport Ormoc and TMOs of Baybay, Hilongos, Palompon, and Maasin, Southern Leyte, reported the same trend. Cargo throughput in the third quarter increased by 40.39% from last year and 15% from the previous quarter. This is because of the higher shipment of domestic commodities like grains, cement, sugar, and coconut products as well as the increased preference for RORO transport by most shippers.
For the fourth quarter, cargo traffic substantially declined by 26.54% from a year ago and 35.20% from the previous quarter. Both domestic and
Cargo traffic in the fourth quarter reported a major downturn of 36.65% from last year and attr
Table 4 Cargo Traffic (in metric tons) 3rd and 4th Quarters 2012 vs 3rd and 4th Quarters 2013 Q3 2012
Q4 2012
Q3 2013
Q4 2013
% Change PMO Tacloban
PMO Tacloban
PMO Ormoc
PMO Tacloban
PMO Ormoc
PMO Tacloban
PMO Ormoc
PMO Tacloban
PMO Ormoc
All Ports
449,594.00
974,324.56
427,379.00
985,272.14
484,535.00
1,366,847.99
313,970.17
Domestic
383,299.00
514,848.46
389,964.00
562,066.68
442,758.00
638,394.11
Foreign
66,295.00
459,476.10
37,415.00
423,205.45
41,777.00
728,453.88
Indicator
Source: Philippine Ports Authority (PPA) Tacloban and Ormoc
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PMO Ormoc
Q3 2012 vs Q3 2013
Q4 2012 vs Q4 2013
Q3 2012 vs Q3 2013
Q4 2012 vs Q4 2013
624,209.23
7.77
-26.54
40.29
-36.65
290,188.91
395,509.21
15.51
-25.59
24.00
-29.63
23,781.26
228,700.02
-36.98
-36.44
58.54
-45.96
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54.33% from the prior quarter. This can be attributed to the big decrease in cargo shipment at the private ports of PASAR and PHILPOS, ceased operation of MV Beautiful Star at the Port of Naval, and the aftermath of ST Yolanda.
figure for both PMOs is lower than the previous quarter. This is because more socio-cultural activities are conducted every second quarter of the year, plus weather condition in the second quarter is more favourable for travel.
Passenger Traffic
Likewise, a remarkable upturn in passenger traffic in PMOs Tacloban and Ormoc was registered during the fourth quarter of the year. The influx of passengers after the occurrence of ST Yolanda, coupled with the long holiday break, contributed to the 26.36% increase of passengers in PMO Tacloban and 48.38% in PMO Ormoc.
Passenger traffic in PMOs Tacloban and Ormoc accelerated in the third quarter compared to last year (Table 5). This is due to the regular operation of ferry terminals and the different socio-cultural activities conducted. However, the third quarter figure for both PMOs is lowe
Table 5 Passenger Traffic 3rd and 4th Quarter 2012 vs 3rd and 4th Quarter 2013
Q3 2012
Q4 2012
Q3 2013
Q4 2013
% Change PMO Tacloban
Indicator
PMO Tacloban
PMO Ormoc
PMO Tacloban
PMO Ormoc
PMO Tacloban
PMO Ormoc
Total
517,222
466,686
607,204
539,860
566,924
476,893
Embarked
255,413
228,014
296,539
255,432
285,225
Disembarked
261,809
238,672
310,665
284,428
281,699
PMO Tacloban
PMO Ormoc
PMO Ormoc
Q3 2012 vs Q3 2013
Q4 2012 vs Q4 2013
Q3 2012 vs Q3 2013
Q4 2012 vs Q4 2013
767,238
801,019
9.61
26.36
2.19
48.38
234,251
376,282
399,083
11.67
26.89
2.74
56.24
242,642
390,956
401,936
7.60
25.84
1.66
41.31
Source: PPA Tacloban and Ormoc
Figure 8 Monthly Average Foreign Exchange Rates (Peso vs Dollar) 3rd and 4th Quarters 2012 vs 3rd and 4th Quarters 2013
Fiscal Performance
The average value of Philippine peso has weakened in the last two quarters of the year (Figure 8). The weak peso indicates a positive effect on the region’s exports, local business process outsourcing (BPO) zone and Overseas Filipinos Workers (OFW) who send money back home. Local BPOs will have less operating costs since expenditures are usually in dollars converted to peso. OFW-dependent families will have increased purchasing power that will spur consumer spending and, in turn, drive economic growth. Local industries that compete with imports will also benefit since imported goods will now become expensive than the local products. Thus, rise in local 10
in pesos
Exchange Rate
50 49 48 47 46 45 44 43 42 41 40
Source: PIDS, Economic and Social Database
2012 2013
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production is expected, which will then create more jobs. Revenue Collection The total revenue collection for the third quarter was PhP1.35 billion (Figure 9). It is 7.6% higher than a year ago. The increase was brought about by the intensified tax collection on withholding tax on wages and business income and other creditable withholding taxes as well as increased public spending. However, revenue collection for this period is 16% lower against the actual target of PhP1.61 billion and that of the previous quarter’s actual collection of PhP1.46 billion. Taxes on income and profit comprised the highest portion of the revenue collected. Meanwhile, the fourth quarter revenue collection was adversely affected by ST Yolanda. Actual collection amounted to PhP800 million, lower by 34.8% from the previous quarter and by 41.7% from the 2013 fourth quarter’s target of PhP1.51 billion. This is also less than the total revenue collection of PhP1.19 billion in the same quarter of the previous year.
Across provinces in the region, revenue collection dropped, except for Leyte with a 20% increase from the third to the fourth quarter. In Tacloban City, the region’s largest urban center and one of the hardest hit areas, collection significantly decreased from PhP245 million in the third quarter to PhP36 million in the fourth quarter of 2013. The reduction in tax revenues can be explained by production and income losses of the productive sectors. Apart from such losses in the Agriculture, Hunting, Forestry and Fishing (AHFF) sector, services, trade and industry have likewise suffered foregone income as an immediate result of the disaster and the looting incidents. Business establishments in the region were damaged, causing temporary closure and displacement of their respective workers. Only few business establishments were able to reopen a month after the typhoon, yet on shorter operating hours due to the imposition of curfew, absence of power supply, and threat to security.
in pesos
Figure 9 Revenue Collection Performance 3rd and 4th Quarters 2012 vs 3rd and 4th Quarters 2013 1,600,000,000.00 1,400,000,000.00 1,200,000,000.00 1,000,000,000.00 800,000,000.00 600,000,000.00 400,000,000.00 200,000,000.00 0.00
Other Taxes Income Tax Business Tax Q3 2012
Q4 2012 Q3 2013 Q4 2013 Actual Collection Other Taxes 74,332,550.95 45,883,116.35 84,743,598.19 36,585,556.44 Income Tax 811,682,257.6 786,442,724.2 871,682,094.7 613,630,020.9 Business Tax 369,733,604.7 361,133,237.8 394,627,529.3 230,662,158.6
Source: Bureau of Internal Revenue (BIR) – Revenue Region 14
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Development Outlook The lesson learned from Supertyphoon Yolanda is one that has brought about a culture of disaster consciousness among the people, which could lead to positive changes in behavior towards disaster risk reduction and management and climate change adaptation. This is an essential factor in the redevelopment of a better and safer Eastern Visayas
The devastation wrought by Supertyphoon Yolanda is expected to slow down the projected growth of the regional economy. However, the magnanimous efforts being exerted by the government, private sectors and international community to rebuild the affected areas in the region is likewise an opportunity to get Eastern Visayas back to its feet. Primarily, there is an immense inflow of financial and material assistance, not only for immediate disaster relief but for medium-term recovery and reconstruction. Given this scenario, the construction subsector is expected to boom because of many projects for the repair, rehabilitation, and upgrading of damaged roads, bridges, buildings, houses, and other structures.
Thank you to our data sources Philippine Statistical Authority – National Statistics Office VIII Bureau of Agricultural Statistics VIII Department of Tourism VIII
The formulation of the Reconstruction Assistance on Yolanda (RAY), the national government’s rehabilitation plan for all Yolanda-affected areas, is expected to bring in funding for such projects. It includes a wide range of interventions along immediate disaster relief as well as medium and long-term interventions in the areas of infrastructure, resettlement, livelihood, and social services. Funding and efficient implementation of these programs, projects and activities will reduce the economic and social impact of ST Yolanda.
Bureau of Internal Revenue – Revenue Region 14 Philippine Ports Authority – Tacloban and Ormoc census.gov.ph http://econdb.pids.gov.ph/
Contact us for more information and query Policy Formulation and Planning Division (PFPD) NEDA Regional Office VIII, Government Center, Palo, Leyte
Growth in the region’s tourism sector is also anticipated due to the influx of humanitarian groups in the region. This would boost revenue generation among hotels, restaurants, and other service establishments, which altogether will impact positively on the economy of the region.
Telephone/Fax 053 – 323 – 3092 Website: www.nro8.neda.gov.ph Email:
[email protected]
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