TUGUEGARAO CITY, Cagayan – With the growth of the agricultural sector which led to more employment, Region 02 surpassed the national employment rate in July 2019, according to the National Economic and Development Authority (NEDA).
Assistant Director Engr. Ferdinand Tumaliuan, NEDA Region 2 said that the region’s 97% employment rate topped the national employment rate which is currently at 95%.
This means that the unemployment rate of Cagayan Valley is currently 3%.
The assistant director credits the advantage to the agricultural sector since 50% are employed in it.
He added that the rate increased by .9% from last year’s 96.1% to 97%.
Director Tumaliuan explained that even with the rice crisis where the price dropped down to seven and eight pesos in some provinces, the employment rate won’t be affected unless the farmers stop planting.
Furthermore, the inflation rate in the region decreased by .5% according to Director Tumaliuan, due to the price drop on some goods.
Last July 2019, NEDA Region 02 recorded a 2.7% inflation rate but depreciated to 2.2%.
