DAGUPAN CITY – The Philippine Statistics Authority-Regional Statistical Services Office I (PSA-RSSO I) will compile the Provincial Product Accounts (PPA) of the four provinces in the Ilocos region this 2023.
Ilocos is one of the seven additional regions this year to conduct the compilation of PPA.
The other six regions include Cagayan Valley, Central Luzon, Bicol Region, Zamboanga Peninsula, Caraga, and Bangsamoro Autonomous Region in Muslim Mindanao.
Lawyer Sheila De Guzman, PSA-RSSO I regional director, said the PPA will serve as a means to derive the Gross Domestic Product (GDP) of the provinces and highly urbanized cities (HUCs) to provide a suitable measure of economic performance at the provincial level.
The GDP represents the monetary value of all final goods and services produced within the economy in a given period of time.
“PPA is a source of economic indicators, which is used by various stakeholders in monitoring economic growth and development at the local level,” she said.
Further, the PPA is viewed as a means to strengthen the planning and decision-making of provincial policymakers and stakeholders in crafting more informed economic policies.
“Hence, PPA is a response to the increasing demand for granular data from economic managers, policymakers, and other stakeholders,” she added.
The PPA will complement the GDP at the national and regional level.
The GDP of the provinces and HUCs are estimated using the production approach and is consistent with the latest international guidelines on the United Nations System of National Accounts.
Series of meetings, trainings, briefings, and workshops with stakeholders will be undertaken as part of the endeavor.
De Guzman enjoined PSA’s partners and data providers to provide full cooperation through the provision of data requirements for a more timely, accurate, and relevant economic accounts at the local level.
The PSA targets to release the results of the PPA by December.
The PPA is envisioned to be completed in all provinces and HUCs in the country by 2024 and be institutionalized starting in 2025. By April M. Montes-Bravo