DAVAO CITY, February 8 (PIA) – The National Economic Development Authority XI (NEDA XI) presented Davao Regions’ Development Outlook for the year 2022.
During the One Davao Virtual Presser, NEDA XI Regional Director Maria Lourdes Lim bared that the prices of basic commodities are expected to remain at elevated levels. The inflation target of the Bangko Sentral ng Pilipinas (BSP) for this year is between 2 to 4%.
The average annual inflation rate in 2021 was at 4.6%. “ By commodity group, there was a broad-based acceleration of prices for all 11 major commodities in 2021, driven mostly by higher prices in transport (7.6%), food (5.6%), alcoholic beverages and tobacco (7.2%), and housing , water, electricity, gas, and other fuels (4%)."
However, more investments are expected to be generated this year with the Corporate Recovery and Tax Incentives for Enterprises (CREATE) Law.
Lim cited the CREATE law as it has the provision for lower corporate income tax (CIT) rate and it aims to modernize the country’s investment incentives, making them more competitive and transparent, time-bound, targeted, and performance-based.
The region is also expected to have brighter prospects on employment due to sustained efforts in the implementation of the PDITR-V strategy for COVID19 mitigation and recovery as well as lesser number of retrenched workers and achieving pre-pandemic employment levels.
In 2021, DOLE XI reported 450 establishments that reduced or retrenched their workers; about 9,949 workers were affected. About 85 establishments closed permanently, affecting 1,264 workers while 31 establishments closed temporarily affecting 658 workers.
Financial losses of establishments was the top reason for termination of workers. Agriculture, Forestry, and Fishing; other services activities; and administrative and support service were the top industries that reported retrenchment of workers and closure of establishments.
On the micro, small, and medium enterprises, the NEDA XI expects recovery of MSMEs through sustained implementation of programs, projects, and activities which will assist at least 26,250 MSMEs. Some of these are Promotion of E-commerce; Shared Service Facilities; Rapid Growth Project; P3 Cares; Operationalization of the iSTRIKE Davao RIIC, etc.
Davao Region’s tourism industry is seen to have an increased number of tourism destinations with the development of regional tourism circuits as well as increased confidence in visiting Davao Region destinations.
On social protection, the region will get wider coverage of conditional cash transfer; enhanced provision of Sustainable livelihood to Pantawid and non-Pantawid beneficiaries; and Enhanced Social Pension for indigent senior citizens.
On public order and safety, the region is seen to be benefiting from the institutionalization of Revitalized Pulis sa Barangay; formulation of the Metro Davao Public Safety and Security Master Plan; Completion of Barangay Development Programs (BDP); and the operationalization of the RTF-ELCAC Operation Center. (PIA XI/Frances Mae Macapagat)
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