BAGUIO CITY – The Cordillera office of the Philippine Statistics Authority (PSA-CAR) disclosed the provinces of Apayao and Abra recorded the highest purchasing power of the peso among the local governments comprising the region as of June this year.
Benjie Navarro, officer-in-charge of PSA-CAR\s statistical coordination and operation division, said that the P1 in 2006 had a purchasing power of P0.77 in June this year in the provinces of Apayao and Abra.
He revealed the regional average of the purchasing power of the peso as of the middle part of this year was pegged at P.74 which is much higher than the national average of P0.71.
Ifugao came in a close second among the provinces in the region with the highest peso purchasing power at P0.75 followed by Kalinga at P0.74 while Benguet, including Baguio city, registered a peso purchasing power of P0.71.
Navarro added Mountain Province recorded the lowest peso purchasing power at P0.68 which could be attributed to the cost of living, sustainable supply of goods and services, among others.
For the past several years, the purchasing power of the peso in the different parts of the region had been fluctuating which contributed in the unstable growth of the region’s overall economic position.
The PSA is in charge of monitoring the different types of economic indicators and their significant contributions in sustaining the robust economic growth not only of the region but also the country as a whole in the coming months.
Navarro said the Cordillera is in a better position in terms of the purchasing power of the peso because the regional average is much higher compared to the national average, indicating that doing business and living in the region is much better compared to other areas in the country at present.
He said while the region has yet to do more in various aspects of the economic indicators, its current performance in the purchasing power of the peso speaks well on the means of doing business and the lifestyle of the people, especially in areas that recorded high peso purchasing power.
He added the investments of concerned government agencies in terms of infrastructure development in the remote parts of the region will definitely contribute in improving the living condition of people in the far flung villages thereby translating to better economic standing instrumental in significantly improving the purchasing power of the peso in the rural areas.
However, Navarro admitted inclusive growth has yet to be felt by the people in the countryside considering that the country’s overall economic growth was not able to meet the desired percentage level of more than 8 percent and consistent for at least five years, thus, the recorded growth in the economy are still being enjoyed by those in the higher brackets of society.
By Dexter A. See