(Photo grabbed from Manila Bulletin)
CLARK FREEPORT – Central Luzon´s gross domestic product (GDP) at 7.8 percent has overtaken the national average of 6.4 percent, making the region a “growth driver” in the country, Bangko Sentral ng Pilipinas deputy governor Diwa Guinigundo said in a forum here.
Guinigundo noted that the region´s GDP growth was driven mainly by industry, followed by services and agriculture.
“Poverty incidence in the region has consistently remained below the national average from 21.1 percent. Central Luzon was also able to reduce it to 13.7 percent in 2009. By 2015, poverty has declined further to 11.2 percent and the region is expected to further reduce poverty incidence to just 8.5 percent,” he also said.
“With the ongoing development of the New Clark City which is projected to be an economically-competitive city, more investments and opportunities for the region are expected to be carried out that will enable the Philippines to sustain its robust economic growth,” he added.
He also disclosed that the International Monetary Fund projects the Philippine economy to grow by at least 6.5 percent in 2018, next to India which is projected to grow by 7.3 percent.