BAGUIO CITY – The Cordillera Administrative Region posted a Gross Regional Domestic Product of around 137 billion in 2016, a 2.1 percent growth compared to the estimated P134 billion GRDP in 2015.
Philippine Statistics Authority (PSA) Regional Director Villafe Alibuyog reported this in a kapihan media forum at Venus Parkview Hotel here last May 4.
As per economic indicators, the industry sector accounted for most of the region’s economic output at P65.35 billion (49 percent of the GRDP), followed by the services sector at around P50.14 billion (41.7 percent) and AHFF (Agriculture, Hunting, Forestry and Fishing) at around P13.2 billion (8.8 percent).
Though still a positive growth for Cordillera, the region’s 2016 economic performance shows a slowdown compared to the 4 percent growth posted in 2015.
The industry sector posted a decrease from around P67.61B in 2015 to P67.51B in 2016; AHFF also slowed down from around P12.65B in 2015 to P12.08B last year.
Showing stronger performance for the region remains to be the service sector posting a 6.5 percent growth from around P53.71B in 2015 to around P57.04B in 2016.
Alibuyog shared that country as a whole continues to show a strong economic performance with an accelerated growth of 6.9% compared to the 6.1% growth in 2015.
National Economic Development Authority Assistant Regional Director Jedidia Aquino outlined that though the region’s economic performance slowed down, still the Cordillera has been showing respectable positive growth since 2013 indicating the region’s resiliency.
Aquino also pointed – out that while the service sector is the most reliable source of growth, there is a need to diversify the sources of growth for Cordillera such as the industry sector. Instead of relying much on electronics export, maybe the region must also look into the development of the CAR’s hydro power potentials. More needs to be done in increasing agricultural productivity, she added.
She stressed that pushing for the attainment of regional autonomy is another effort to fast track progress and development in the region. /JDP/CCD with Pau Antonio-PIA/ UPB Intern