The economy of the Cordillera was the second fastest growing economy in the country last year with a recorded growth of 8.7 percent that is also higher compared to pre-pandemic levels.
The region’s economic growth of 8.7 percent was second to the growth that was reported by the Western Visayas Region.
Based on the report of the cordillera office of the Philippine Statistics Authority (PSA-CAR), the economy of the Cordillera further expanded from the P310.8 billion output in 2021 to P337.7 billion last year where the estimated economic output of the region in 2022 surpassed the pre-pandemic level by P15.9 billion.
PSA-CAR regional director Villafe Alibuyog disclosed that the fastest growths in the region were observed in accommodation and food service activities with 44.9 percent; other services with 43.9 percent; and transportation and storage with 31.4 percent.
However, mining and quarrying and agriculture, forestry, and fishing contracted by negative 0.4 percent and negative 2.1 percent, respectively.
The PSA-CAR official explained that the biggest growth in the region’s economy were wholesale and retail trade; repair of motor vehicles and motorcycles with 1.9 percentage points; accommodation and food service activities with 1.7 percentage points; and financial and insurance activities with 1 percentage point.
According to her, the regional economy continues to be services-dominated with 66.8 percent share, followed by industry with 24.8 percent share, and agriculture, forestry, and fishing with 8.3 percent share to the region’s total economy.
Of the 7.6 percent economic expansion of the country’s gross domestic product (GDP) in 2022, She emphasized that the Cordillera remains to be one of the least contributors with 0.1 percentage point, saying that the region’s economy accounted for 1.7 percent of the national GDP.
Moreover, The Cordillera’s imports of goods and services from the rest of the world rebounded from a negative 15 percent contraction in 2021 to an 88.1 percent growth in 2022 which was the fastest growing expenditure item in the region followed by gross capital formation and exports of goods and services to the rest of the world with 10.8 percent and 10.3 percent growths, respectively.
Alibuyog said that manufacturing had the biggest share in the industry sector with 51.4 percent followed by construction with 30.4 percent share and mining and quarrying with a share of 11.3 percent.
Meanwhile, electricity, steam, water and waste management had the least share in the industry sector with 6.9 percent.
On the other hand, crops, and animals had the biggest share in total agriculture, forestry and fishing with 65.9 percent and 23.4 percent, respectively.
Among the 7 industries in the region that were not able to surpass the pre-pandemic levels include accommodation and food service activities; real estate and ownership dwellings; manufacturing; trade; transportation and storage; agriculture, forestry and fishing and education.