Q2 2023 – Recovery continues to gain momentum; inflation at lowest level since 2021
Eastern Visayas is poised for full recovery, with key indicators exhibiting growth and gains this quarter.
Inflation dipped to 3.3 percent in June 2023, the lowest since February 2021, due to lower upticks in three commodity groups. The labor market improved compared to last year, but underemployment remains high.
In agri-fishery and forestry, palay, livestock and poultry production increased. Meanwhile, corn, fisheries, and log production decreased compared to last year.
Mobility indicators continue to improve, with growths noted in land, air, and sea transportation indicators.
The influx of newly-registered stock corporations and partnerships increased significantly, driven by the service sector.
Combined paid-up capital and contributions from new registrants amounted to PhP379.39 million, a year-on-year increase of 272.9 percent.
Gains were seen in business registration, revenue collection, energy, and telecommunication. Water and air quality parameters are also generally within set or allowable limits.
Total crime volume decreased, reflecting improved peace and order.
Eastern Visayas is anticipated to continue its growth trajectory in succeeding periods. Efforts to address challenges in agri-fishery and forestry are crucial for overall sustainability. Improved labor market conditions are expected to continue, supported by increasing business registrations and a more predictable economic environment due to stable and low inflation levels.