Camarines Norte's provincial government is spearheading economic growth through the operationalization of a special economic zone (SEZ) in Jose Panganiban. The 230-hectare SEZ, established under Proclamation No. 508 during Gloria Macapagal-Arroyo's presidency in 2003, is the canvas for the P2.2-billion Larap Integrated Development Project (LIDP) by Penson & Company Inc.
Comprising key zones like the Airport Zone, Aero Entertainment Park, Town Center, and Industrial Zone, the LIDP aims to be a regional model for urban development.
Anticipated Industry Surge
With a 9.9 percent upward trend in gross value added from 2018 to 2022, the LIDP targets a substantial boost to Camarines Norte's industry sector. Assistant Provincial Planning Development Officer Teodoro L. Licarte envisions a skyrocketing share, currently at 36.12 percent or around P21.72 billion, once the LIDP materializes. The strategies encompass securing land titles, ensuring utility stability, and improving the transportation system, which involves installing a central terminal.
Licarte also observes encouraging signs from entrepreneurs expressing interest in investing in the LIDP, suggesting the possibility of economic growth for the region.
Dominance of the Services Sector
While industry growth is on the horizon, the services sector maintains its dominance, contributing 44.4 percent (approximately P26.75 billion). A 10.5 percent increasing trend in gross value added from 2018 to 2022 signals robust sector performance, poised for additional growth with the LIDP's implementation.
Top Industries' Growth Rates
In tandem with a thriving tourism industry, Licarte identifies the top three industries set for significant growth rates: transportation and storage (32.2 percent), accommodation and food service activities (18 percent), and construction (16 percent).
Projections for Future Impact
The provincial government projects a 5.5 percent increasing trend in economic impact if the LIDP materializes, affirming Camarines Norte's trajectory towards sustained growth and prosperity. The province emerges as a regional hub for economic development, strategically steering its future through transformative projects. With the LIDP at its core, Camarines Norte stands poised to not only fuel its local economy but also inspire a model for progress in the broader region.
