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hogs, as well as fresh and processed pork products from Davao Region and other areas were prohibited from entering RegionXII.

Challenges:

• Vulnerability of the operations of MSMEs and hesitations of opening up of businesses because of the uncertainties brought about by the pandemic • High risk exposure of the agriculture sector to climate change, natural disasters, and animal health-related outbreak. • Mutations of the COVID-19 virus into different strains have sparked fears of tightened community quarantine guidelines by the national and local government units.

Moving Forward

The prospects and opportunities in 2021 for Region XII remain promising. By re-opening the economy safely, coupled with the most stringent compliance with health protocols, SOCCSKSARGEN’s economy is expected to bounce back to its momentum pre-pandemic period levels. The roll-out of vaccines against COVID-19 will also enable the economy to recover. As of April 20, 2021, a total of 48,201 first dose vaccines have been administered to the A1 priority group which accounts for 79.89 percent of the target A1 group in the region.

The government spending through Bayanihan and FY 2021 budget as well as the passage of Corporate Recovery and Tax Incentives for Enterprises (CREATE) and Financial Institutions’ Strategic Transfer will also underpin economic recovery.

The implementation of the CREATE Law would reduce corporate income tax from 30 percent to 25 percent for corporations, and 20 percent for micro, small, and medium enterprises (MSMEs). This will provide relief to private industries affected by the COVID19 pandemic.