Cordillera posts 6% economic growth in 2013
BAGUIO CITY - The Cordillera Administrative Region posted a
better economic conditions in 2013 wherein from the one percent growth in
2012, the region’s economy accelerated to six percent growth last year with a
Gross Regional Domestic Product (GRDP) of around P227.92 billion.
National Statistical Coordination Board (NSCB) Regional Head Benjamin Navarro, in presenting the Cordillera’s 2013 GRDP in a press conference at the Casa Vallejo here, reported that the 6% 2013 economic growth of Cordillera ranked number 10 among 17 regions and ranked number three among regions in terms of per capita (growth per person or population) GRDP and just behind by 1.2% compared to the average national economic growth of 7.2 %.
Navarro explained that the faster economic growth of the
region in 2013 is attributed to the recovery of the industry sector and the
continuing growth in the service sector.
“The industry, which accounted for nearly half of the
region’s economy at 48.8% in 2013, rebounded from negative 3.9% in 2012 to 4.1%
in 2013 while services (which account 40.8% of the economy) accelerated from
7.9% in 2012 to 9.6% in 2013,” Navarro reported.
On the industry sub-sectors, construction posted the fastest
growth at 17.2% followed by Electricity, Gas and Water Supply at 16.9 %; mining
and quarrying at 12.7%, and manufacturing at 1.4 %.
For the Services sector, Navarro pointed-out that the increase
in growth is mainly due to the sub-sector of Real Estate, Renting and Business
activities, which includes Business Process Outsourcing wherein from the 9.1%
growth in 2012, it doubled to 19.7% in 2013.
Meanwhile, Navarro reported a slowdown in the Agriculture,
hunting, forestry and fishing. From the 1.5% growth in 2012, it decelerated to
1% growth in 2013.
National Economic and Development Authority (NEDA) Planning
Division chief Dolores Molintas affirmed a more robust economic year for
Cordillera in 2013. The 6% growth she said even surpassed the region’s target
of 4.5 – 5.5% under the Regional Development Plan.
To sustain the region’s growth and even bring it to a higher
level, Molintas stressed the need to continue the promotion of investment
enterprise, business development and infrastructure development, as well as in
continuously improving the business climate, the ease of doing business and the
promotion of productivity and industrial peace, especially in the mining,
manufacturing and service sector.
In improving and strengthening the region’s
agricultural sector, the major employment generator in the region, Molintas
highlighted the need to increase the production and in bringing in higher
value- adding as well as to give focus
on how to address the effect of climate change
to the sector. (Carlito Dar/JDP/CCD–PIA CAR)
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