CALABARZON–comprised of Cavite, Laguna, Batangas, Rizal and Quezon–which had been hit by the coronavirus disease or Covid19 pandemic, needs P100 billion in public investment and to fund its recovery program from the virus that infected 48,688 people as of Oct. 20.
The amount is divided into two tranches namely P41.9 billion for investment and P67.21 billion to finance its recovery program from Covid19, respectively.
Due to the Taal volcanic eruption and the virus, the region suffered economic downturn resulting in higher poverty incidence this year as many have lost their jobs and properties.
Luis Banua, regional director of National Economic Development Authority (NEDA), said that they have been working for the last five years to reduce the poverty incidence in the region but it was erased by the twin calamities.
According to the body, its poverty incidence was second only to the National Capital Region at 7.1% in 2018 with a 12.2% poverty incidence in 2015, and its employment rate at 93.9% in 2019, an increase from 93.4% the year before.
The Philippine Statistics Authority, on the other hand, showed the employment rate of Calabarzon in last July was down to 87.6%.
Calabarzon’s Regional Development Council (RDC) in October approved the Taal Eruption and Recovery Program short- and long-term projects for Batangas and Cavite for the next two years, including immediate clearing and repair of roads damaged by ashfall, while others are slated for the government funding in 2021 and 2022.