DTI chief cites Central Luzon 'balanced growth'

• Source:http://www.sunstar.com.ph/pampanga/local-news/2016/04/15/dti-chief-cites-central-luzon-balanced-growth-468133
• Friday, April 15, 2016

By Reynaldo G. Navales

CLARK FREEPORT -- Department of Trade and Industry (DTI) Secretary Adrian Cristobal Jr. has lauded the balanced economic growth of Central Luzon for the past few years.

Cristobal said this during the DTI’s 10th Recognition of Outstanding Local Government Units (LGUs) in Central Luzon at the Holiday Inn Hotel here Friday.

The DTI secretary attributed the economic progress of Central Luzon cities and towns to the sound partnership of local officials and the business sector.

In the 1990s, Central Luzon was devastated by the pull out of American military servicemen in Clark and Subic and several calamities like the 1990 earthquake and the eruption of Mount Pinatubo, according to Cristobal.

"These major events caused a decline in the outputs of Central Luzon down to about eight percent. But starting in 2010, because of hardwork, public-private partnership in Region 3, good governance and our efforts to revive industrial policy and manufacturing, in the case of Central Luzon, you now have a balanced growth and that is the envy of many regions," he said.

The average share of Central Luzon in the country's Gross Domestic Product (GDP) is pegged at nine percent, said Cristobal.

"It is no longer declining but steadily increasing. So you arrested the decline," he said.

Cristobal cited the contribution of manufacturing to economic growth of Central Luzon.

In 2009, manufacturing in the region contributed only 11 percent to the country's entire economy. But in 2014, he said, the share of Central Luzon shot up to 48 percent, which is substantial to the number of jobs and investments.

In terms of services, the region ranked fourth in the whole country, Cristobal said.

"It accounts for six percent of the total Philippine services production."