Q4 2022 – Economic recovery remains strong, but surging inflation looms
Mixed performances were noted this quarter amid the resumption of face-to-face classes and the full reopening of the economy.
In agri-fishery and forestry, only palay and log production increased. Meanwhile, overall corn, livestock, poultry, and fishery production decreased compared to Q4 2021.
Gains were seen in business registration, revenue collection, transportation, and telecommunication. Also, the labor market improved compared to 2021, though there is still a need for more high-quality jobs.
Water and air quality parameters are within set or allowable limits.
However, the inflation rate breached the RDP target, with the average 2022 full-year inflation at 6.6 percent as disruptions in supply chains and commodity markets persist, exacerbated by the Russia-Ukraine conflict and weather disturbances in the region.
Overall, 2022 has shown significant progress compared to 2021 despite setbacks. Hence, the region is on track to sustaining economic recovery due to the resumption of more businesses and industry operations and increasing domestic activities. To support this, the government is pursuing social and economic transformation initiatives through the efficient and effective implementation of strategies and programs as laid out in the successor development plan of the region – the Eastern Visayas Regional Development Plan 2023-2028.