Economy in Bicol, Philippines
By Danny O. Calleja
In the past few months, Bicol’s economic attitude has been assertively heading towards the region’s liberation from the bondage of poverty that for decades glued the area to the “second poorest in the country” label, according to a government expert in regional economy.
Engr. Luis Babua, the assistant regional director of the National Economic and Development Authority (NEDA) says almost all regional economic indicators point to an aggressively growing Bicol economy, and, among these, is the headline inflation rate that latest statistics reported by the National Statistics Office (NSO) was lowest in the region.
Headline inflation refers to the rate of change in the consumer price index (CPI), a measure of the average price of a standard “basket” of goods and services consumed by a typical family. In the Philippines, this CPI is composed of various consumer items as determined by the nationwide Family Income and Expenditure Survey (FIES) conducted every three years by the NSO.
Inflation is generally defined as a persistent increase in the prices of goods and services which over time leads to a decrease in the purchasing power of money. It usually happens when there is more money in the economy relative to the supply of goods and services.
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