WV economy unstable?

nedaNational Economic and Development Authority (NEDA) discussed the economic situation of the region during the roundtable discussion with the media held at NEDA Region VI. NEDA presented statistical report about the rates of inflation, number of tourist arrival, imports and exports, and purchasing power of peso.

According to the data shown on the presentation of NEDA 6 Assistant Regional Director Raul S. Anlocotan, inflation rate in Iloilo dropped from 4.1 on the first quarter to 3.0 on the second quarter of the year, yet purchasing power of peso remains the same at 0.73.

On the agricultural sector, a drop on Palay production was noted with 9.8 percent change in production from the 1st quarter of 2012 and 1st quarter of 2013.

While import rate increased by 57.94 percent, export on the region for the second quarter record a difference of 50.68 percent, from 84.75 last year to 41.80 this year.

Furthermore, according to the partial report of the Department of Tourism (DOT), the number of tourist arrival for the second quarter of 2013 dropped by 49.64 percent from the same quarter last year. Chinese led the foreign tourist arrival followed by Koreans, Taiwanese, Americans, Australians, Russians and British.

Coal leads the exported commodity and fertilizer as the top import but it was noted that coal is also on the top 5 imported commodities.

“The coal being imported is mixed with that of coal from Semirara to produce a good quality coal that will power the coal-fired power plant”, defend Anlocotan. IMT