DAET, Camarines Norte (PIA) — The provincial government of Camarines Norte is working on a key development project to operationalize its special economic zone (SEZ) in the town of Jose Panganiban.
The 230-hectare SEZ, created by Proclamation 508 during the presidency of Gloria Macapagal-Arroyo, is home to the Larap Integrated Development Project (LIDP) of Penson & Company Inc. This P2.2-billion project aims to develop the area into a model community and urban development in the Bicol region.
The major components of LIDP include the Airport Zone, Aero Entertainment Park, Town Center, and Industrial Zone.
If plans do not miscarry, the project is expected to enhance the gross value of the industry sector in the province.
This was targeted following the 9.9 percent increasing trend of gross value added of industry from 2018-2022.
The industry’s 36.12 percent or around P21.72 billion share of the province’s economy is expected to “skyrocket” once the LIDP materializes, Assistant Provincial Planning Development Officer Teodoro L. Licarte said during a forum that delved into Camarines Norte’s economic output in 2018-2022.
“We are now in the process of titling the land for the LDIP and preparing the stability of utilities like water, electric power as well as the transportation system including the installation of a central terminal,” he said.
Assistant Provincial Planning Development Officer Teodoro L. Licarte discusses Camarines Norte’s economic output in 2018-2022 during the Provincial Product Accounts dissemination forum conducted by the Philippine Statistics Authority (PSA).
Licarte confirmed that some businessmen have expressed their willingness to invest in the LIDP.
On the other hand, the services sector contributed the highest share in the province’s economy accounting for 44.4 percent or around P26.75 billion.
This was seen in a 10.5 percent increasing trend of gross value added of services from 2018-2022.
This is also projected to increase once the industrial development in the province has materialized.
According to Licarte, the top three highest growth rates by industry are transportation and storage at 32.2 percent; accommodation and food service activities, 18 percent and construction, 16 percent. These are all attributed to the tourism industry in the province.
The provincial government also projected that there will be an impact of 5.5 percent increasing trend if the LDIP materializes, he said.(PIA 5/Camarines Norte)
