BSP: Visayas moderately recovering from Supertyphoon Yolanda

Businesses in the Visayas region are now recovering economically from Supertyphoon Yolanda, which devastated the area in November 2013, the Bangko Sentral ng Pilipinas (BSP) said.

Fernando Silvoza, deputy director of the BSP’s Department of Economic Statistics, said of the four regions in the Visayas, only the Cebu region has, so far, begun economically progressing.

This was the gist of Silvoza’s message during the 2017 Awards Ceremony and Appreciation Lunch for BSP Stakeholders held at the Amigo Terrace Hotel on Wednesday noon. This year’s theme was “Transforming Shared Visions into Dynamic Partnership”.

Millions of pesos worth of investments and livelihoods was adversely affected during the onslaught of Yolanda.

Juan De Zuniga Jr., a member of the Monetary Board, was keynote speaker.

Silvoza said the other three regions, particularly Eastern Visayas, are still much affected, while Western Visayas and Negros Island are moderately recovering from the onslaught.

The economic indicators were generated from a survey the BSP conducted in the different stakeholders in the Visayas. Part of the presentation made by Silvoza was generated from Philippine Statistics Authority data and from the BSP.

Silvoza added the Visayas regions still posted an 8.5-percent increase in 2016. The Western Visayas economy expanded by 6.1 percent in 2016.

“Financial resources continue to expand—more banks and more loans granted by banks in the first quarter of 2017 and 2016, respectively, compared to a year ago across all regions of the Visayas,” he said.

The inflation in Western Visayas, however, was low, and within the government target at the first half of this year.

Business confidence is less favorable for Western Visayas and Eastern Visayas, while more upbeat in Central Visayas region.

Positive employment prospects was noted in Western Visayas and Central Visayas but negative for Eastern Visayas.

“Overall, increasing financial resources and stable inflation support sustained economic growth in [the] Visayas for 2017, but focus on job creation and provision of more loans could help accelerate economic growth and improve living conditions of the jobless and small businesses”, he said.

Meanwhile, among those who were given awards were: the Philippine Chamber of Commerce and Industry-Aklan chapter; ABS-CBN Iloilo; Philippine Chamber of Commerce and Industry-Aklan for best Outstanding Regional Partner for Demonitization Program; and the Department of Education regional office for Outstanding Partner for Child Education among others.