A P1.2-billion investment package would spur social and economic activity in
Albay and make the place a mega economic hub in Bicol in the next three years, the Regional Development Council (RDC) recently disclosed.
The RDC in its recent full council meeting endorsed to the National Economic Development Authority (NEDA) central office Albay’s GUICADALE Economic Platform with corresponding funding support.
Albay Governor Joey Salceda, concurrent RDC chair, in his presentation said the economic platform would serve as a physical framework strategy for the economic growth of the province which includes: the development of upland areas into a new suburban area; interconnecting the provinces of Albay and Sorsogon into a common economy for bigger domestic market and investments.
The project would be a principal intervention for disaster reduction by expanding areas for residential, commercial, industrial growth that is safer from disaster risks.
The provincial government of Albay completed the feasibility study of the project in 2008.
Salceda said the Economic Internal Rate of Return (EIRR) of the project is estimated at 23.65 percent while the Net Present Value (NPV) is P872.5 million, which makes the project economically viable. - PNA
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