Thursday, January 10, 2013

Economy of Nueva Ecija Booming

Backed up with both government and private initiatives in 2012, the local economy in the province will continue to flourish, the Department of Trade and Industry (DTI) provincial office said.

DTI Director Brigida Pili said the strong performance of the local economy in 2012 will remain and is seen to go on this year mainly due to government's effective fiscal management policies which created a stronger than expected investors' interest.

"The local economy in 2012 has shown resiliency and strength amid the challenges brought by weather disturbances," Pili said.

The DTI said the local enterprises generated more than USD300,000 revenues which was 150 percent higher than the USD200,000 target set by the agency for 2012.

Pili said the 2012 economic sales came from virtual market matching which amounted to USD.283 million and participation to international trade fair that totaled USD.0176 million.

Nueva Ecija's SMEs, she said, has generated total investment of P2,277,987,800 as against its goal of P2,258,000,000 in 2012.

The figure came from business name registration of P1,014,552,800; financing facilitation, P8,100,000; investment facilitation, P1,200,000,000 and assistance to SMEs, P55,355.

The domestic sales posted P106,033,950 which was higher than the P106,000,000 target for 2012, she added.

Likewise, the year 2013 is expected to be a more fruitful year in terms of agriculture and tourism.

Penaranda mayor Ferdinand Abesamis said the opening of San Josef Irrigation System in the middle of 2012 has provided unprecedented irrigation benefits to at least 105 hectares of agricultural land which was expected to dramatically improve production.

"The P10-million new irrigation system enhanced the farmer's productivity and we expect our agriculture industry to improve this year," Abesamis said.

Aside from agriculture, other sector that seen to boost the local economy is the tourism.

Abesamis noted the town's Abudang Festival (Feast of Sto. NiƱo) that was launched in January last year attracted many tourists.

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