THE coronavirus disease (Covid-19) pandemic caused a number of businesses to halt their operations, but a recent study indicates that the economy of Central Visayas has been growing steadily in the past years.
“The figure shows we are on the road to recovery. Even with our on eyes, I think all of us have observed that we are nearing the pre-pandemic normal stage. Almost everything, if not all, is back to normal pre-pandemic time,” said Leopoldo P. Alfanta Jr., chief statistical specialist of the Philippine Statistics Authority (PSA) in Central Visayas, during a news conference in Cebu City on Thursday, April 27, 2023.
Leopoldo believes the regional economy’s growth could have skyrocketed even more if the Covid-19 pandemic had not broken out three years ago.
The economy of Central Visayas grew 7.6 percent in 2022, faster than its 5.4 percent growth in 2021, according to the PSA 7.
PSA 7 Director Ariel Florendo announced that the Gross Regional Domestic Product (GRDP) has been increasing, averaging P1.21 trillion anually for the past three years.
The GRDP measures the economic performance of a region from the perspective of the producers of goods and services. It covers the value of goods and services produced in the region during the mentioned periods.
The region’s GRDP was P1.135 trillion in 2020, growing to P1.196 trillion in 2021, then to P1.287 trillion in 2022.
Among the major economic sectors, the services sector remained the largest contributor to the regional economy with P892.7 billion, accounting for the highest share at 69.4 percent in 2022.
The top subsectors under the services sector that contributed the most to the sector’s performance were wholesale and retail trade, repair of motor vehicles and motorcycles, and transportation and storage.
This was followed by the industry sector that contributed 24.1 percent or P310.6 billion to the region’s performance in 2022, with manufacturing and construction being the top contributing subsectors.
The agriculture, forestry and fishing sector contributed the least at only P84 billion or 6.5 percent of total GRDP.
Significant numbers
“It is significant, and it shows us that the region is well on its way to full economic recovery,” said Maria Sostheleen C. Padilla, assistant director of the National Economic and Development Authority 7.
She said the recent developments are supplemental to the government’s goal to make the country a middle-income class country in the next six years.
Padilla also took the chance to encourage educational institutions in the region to partake in teaching younger generations to invest in agriculture. She pointed out that the low share of the agriculture, forestry and fishing sector in the GRDD is because it is an “aging industry.”
“The education sector has a crucial role in promoting agriculture as a lucrative or promising career for our children,” she said.
Central Visayas remains the fourth largest contributor to the national economy, accounting for 6.5 percent of the national gross domestic product (GDP) in 2022.
National Capital Region was the top contributor to the GDP, at 31.4 percent; followed by Calabarzon, 14.8 percent; and Central Luzon, 11 percent.