The proposed construction of an SM mall in Cagayan Valley is seen to further enhance the region’s economic turnaround after a rebound in its agriculture production
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A National Economic Development Authority (NEDA) report said the proposed five—hectare megamall and recreation center by SM Prime Holdings, Inc. will be constructed in Santiago City. The move is expected to spur domestic tourism in the region as it will entice shoppers in the neighboring areas. This positive development comes on the heel of a strong economic growth fueled by a rebound in agriculture output.

The same NEDA report said that positive agriculture production during the second quarter saw rice, corn and fish production grow by 16.03 percent, 105.94 percent and 21.45 percent, respectively, compared to two years ago.

The regional economy absorbed about 1.3 million workers in 2006, an increase of 71,000 jobs from last year’s numbers. Job creation in 2006 was mostly in the agriculture and services, reflecting the continued recovery of these sectors.

However, a source from SM denied the veracity of the reported construction proposal, saying that the company holds no properties in the region. SM Prime Holdings is the largest mall operator in the country. It recently inaugurated it 26th mall in Pasig City.