Developing new regional hubs also means creating jobs, earnings, and wealth for the locals that will urge for economic growth.
According to the latest report of the Philippine Statistics Authority (PSA), the National Capital Region (NCR) had the largest contribution of gross domestic product (GDP) at 36 percent, but its economic growth slowed to 4.8 percent from 6.2 percent in 2017.
Senator Sonny Angara, chairman of the Senate Committee on Ways and Means, is seeking for the creation of new city centers in every region to sustain economic growth. "We need to build new hubs for economic development and lessen the overall dependence of the national economy on Metro Manila which, for many decades, has become one of the country's biggest growth drivers, making it a highly desirable location for dwellers, workers and migrants," he said.
Angara added that developing new city centers also means creating jobs, earnings, and wealth for the locals that will urge for economic growth.
In creating new regional growth hubs, Angara said that the government should think of ways to attract foreign and domestic investments like expanding or building new seaports, airports, bridges, roads, and other infrastructure that would translate to more opportunities outside Metro Manila.
Senator Angara also cited different cases like the Freeport Area of Bataan (Bataan Export Processing Zone) that made more than 20,000 jobs in about five years and the massive potential of manufacturing industries to create jobs for an estimated number of 2.29 million unemployed Filipinos.
In relation to vital infrastructure needed, Mark Villar, Secretary of Public Works and Highways, stated that the government will continue to increase its expenses on infrastructure spending to accelerate public infrastructure development over the medium term. The investment boost in infrastructure has been visualized to stimulate the production and delivery of outputs by various industries and to create a ripple effect on the national economy.