More investments to increase agricultural productivity are encouraged in the Cagayan Valley Region to maximize its full potential in the sector where it is strongest.
According to NEDA Assistant Director-General for Policy and Planning Dr. Rosemarie G. Edillon, Region 2’s biggest sector is in agriculture, which contributed about 2.2 percentage points to the overall Gross Regional Domestic Product (GRDP) of 6.4 percentage points for 2013-2014.
“The agriculture, fishery and forestry sector of Region 2 recovered from a slump as it grew to 5.7 percent in 2013-2014 from a mere 0.1 percent in 2012-2013,” ADG Edillon said during the 4th Annual Planners Convention held on September 22, 2015 in Tuguegarao City.
“It is also important to note that for 2013-2014, there was a significant difference of 12.5% between the current (18.2%) and constant (5.7%) growth rates in this sector,” she added. “This means that agricultural production in Region 2 was driven not by increased productivity but by the high farmgate prices of agricultural products.”
ADG Edillon thus stressed that more investments in innovation and technology should be pushed for a more robust production in agriculture.
“This includes investments in durable equipment, farm mechanization, and efficient irrigation systems,” she emphasized. “Region 2 should also strengthen its intellectual property capital as it posted a negative growth rate, along with durable equipment capital, in this sector for 2014.”
More investments towards inclusive growth
ADG Edillon reminded the regional planners who were in attendance for the annual convention to give a high regard on the improvement of the overall well-being of the region’s populace in the crafting of the next agenda for the Cagayan Valley Region.
“The main objective of the Philippine Development Plan is to reduce poverty in its multiple dimensions and to create quality employment,” she stated. “Our goal is always to zero in on the human potential.”
She added that in order to have economic growth, investments are needed. “We need to invest more and more in human capacity and technology,” she averred.
“There are bright prospects of a good market demand for the agricultural products coming from Region 2, and that market demand should be brought to the consciousness of potential investors,” she affirmed.
Moreover, ADG Edillon said that more investments will translate to more jobs. “With jobs, people will have purchasing power which will then feed growth and fuel market demand, among others,” she added.
The synergy of these concepts, coupled with a stable macroeconomy and, most importantly, the improved competitiveness of the region’s human, infrastructure, and technology resources will define Cagayan Valley’s rapid and sustained economic growth.
ADG Edillon further underscored that the region will realize full inclusive growth when it has achieved a sustained economic growth, it is able to provide equal development opportunities and a climate-resilient environment to its populace, and it is able to create quality employment/jobs.
She recommended that for the next planning period, the region’s planners should be guided by the 5 Ps of the Sustainable Development Goals Framework.
“Put focus on human capital development for People, urban planning and strategic resource utilization for Planet, income diversification and more investments for Prosperity, safety and security for Peace, and physical and virtual connectivity for Partnership,” she ended.