The LTFRB X attended on April 29, 2021, the News Conference on the 2020 Economic Performance of the Northern Mindanao held at Luxx Hotel, Limketkai, Cagayan de Oro City.
Among others, NEDA X Regional Director Mylah Faye Cariño, representatives from DOLE, DTI, and DILG also attended the said news conference.
The following are the highlights of the aforementioned event:
1. The economy of region 10 contracted by -5.2% in 2020 or -44.9 Billion pesos. This is however lesser than the target or expected contraction of the region 10 in 2020 which is -7%.
2. The transport and storage industry contributed to the contraction of economy with -39.5% decrease which amounts to -12.4B pesos in 2020.
3. RD Cariño of NEDA answered queries regarding economic recovery. RD Cariño also mentioned that there is a Recovery Cluster under the NMTF and under the said Clusters are 5 Task Groups. Task Group and Transport Support and Local Travel headed by the LTFRB X was highlighted to have distributed subsidies to drivers. It was also raised by RD Cariño that there were petitions for fare increase but she said that the DOTr does not want to give the burden to the general public and so fare increase was not approved. Instead of letting the public commuters suffer, the DOTr just subsidized and compensated the drivers with ayuda and programs on amelioration, among others, RD Cariño added.
4. The PSA X thanked all the government line agencies present for being the source of most of the statistical data that they presented.
5. RD Cariño wishes that the country can recover by 2022. That’s what they are trying to work out.
The LTFRB X ensures to connect with inter-agencies to help solve problems amid pandemic and discuss issues and concerns which need actions in order to contribute to the recovery of the general public from the effects of this Covid-19 and to also reboost the economy of the entire region.