CORDILLERA Administrative Region’s economy slowed down by 4.9 percent in 2018.
The Philippine Statistics Authority (PSA) in Cordillera revealed the region recorded only 7.3 percent growth in 2018, compared to the 12.2 percent growth rate in 2017.
Based on PSA estimates, the region’s growth was backed by the continued expansion of output in the industry and services sectors, despite the decline in agricultural output.
Gross Regional Domestic Product in the region, however, grew to P164.9 billion in 2018 compared to the P153.6 in 2017 and P136.8 in 2016.
Although growth in industrial output slowed down from 18.8 percent in 2017 to 9.2 percent in 2018, it remains the main growth driver for the economy, except for mining and quarrying, the other major sub-sectors -- that is, manufacturing, construction and electricity, gas and water supply -- posted growth in output.
Improved earnings of Peza exports, specifically merchandise exports, contributed to the increase in industrial output.
Milagros Rimando, National Economic and Development Authority (Neda)-Cordillera director, said export revenues increased for radio, television and communication equipment, fabricated metal products except machinery and electrical, and rubber and plastic products.
“But we also continue to expect that output from our local manufacturing industries will continue to increase in the medium to long-term that will result [in] a broader-based industry sector,” said Rimando.
Rimado said the contribution of increased public spending in the region specifically for infrastructure resulted in the increased budget of the Department of Public Works and Highways amounting to P20 billion in 2018.
“We hope to benefit from the continuing implementation of the Build, Build, Build program of the current administration,” added Rimando.
The services sector remains the other reliable growth driver of our economy, expanding by 7.5 percent in 2018, with all major sub-sectors posting growth.
Myrna Pablo, Department of Trade and Industry regional director, said they are optimistic with the present growth of Cordillera, as the region's GRDP improved.
Pablo added the region can bank on its tourism sites education to further boost its economy.
"We can only connect a higher industry growth, if the tourism sector grows. If these areas are developed, more buyers will be coming in for our products," she added.