The MIMAROPA region has reported a mixed economic performance in the second quarter of 2024, with inflation easing but employment and investments declining, according to a quarterly report by the National Economic and Development Authority (NEDA) obtained by MindoroToday.tv.
The region’s inflation rate fell to 4.5% in Q2 2024, down from 7.4% in the same period last year, but still higher than the 3.6% recorded in Q1 2024.
The purchasing power of the peso remained stagnant, with the value of essential goods such as food and non-alcoholic beverages increasing by 5.2% year-on-year.
The employment rate in the region fell to 95.9%, a 1.2 percentage point drop from the 97.1% recorded in April 2023 while the unemployment rate rose to 4.1%, slightly above the national average of 4.0%.
Underemployment spiked to 22.2%, a notable rise from 15.3% in the same period last year.
Effects of El Niño on the agricultural sector were evident, with drought conditions disrupting food supply chains and leading to decreased productivity and job losses.
The sector posted a 7.45% decline in production compared to the same period last year.
However, tourism emerged as a bright spot in the region’s economic landscape, with over half a million visitors in Q2 2024, a 19.69% increase from the same period last year.
Palawan remained the top destination, accounting for 67.11% of all tourist arrivals.
The mining sector experienced a downturn, with the total value of minerals produced in the region falling by 10.71% year-on-year to 7.65 billion pesos.
The decline was attributed to lower production of metallic minerals, particularly saprolite ore, which saw a 50.22% decrease from Q1 2024.
NEDA recommended diversifying income sources, investing in climate resilience programs, and enhancing social protection measures to mitigate the adverse effects on the labor market.
NEDA also cited the need for continuous monitoring of inflationary pressures, especially in the food sector, and bolstering labor market resilience through training programs, particularly in climate-affected industries.
Major Economic Indicators reported by NEDA:
•Inflation rate: 4.5% (Q2 2024)
•Purchasing power: 0.76 (Q2 2024)
•Employment rate: 95.9% (Q2 2024)
•Unemployment rate: 4.1% (Q2 2024)
•Underemployment rate: 22.2% (Q2 2024)
•Agricultural production: 7.45% decline (Q2 2024)
•Tourism arrivals: 19.69% increase (Q2 2024)
•Mining sector: 10.71% decline (Q2 2024)
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