LAPU-LAPU City had the fourth fastest-growing economy among provinces and highly urbanized cities (HUCs) outside the National Capital Region in 2022.
This is according to the Provincial Product Accounts (PPA) report released for the first time by the Philippine Statistics Authority on Thursday, Feb. 8, 2024. The PPA covered 16 regions outside of the NCR or Metro Manila, covering 82 provinces and 17 HUCs from November to December 2023.
Lapu-Lapu City registered a growth of 13.2 percent, trailing behind Tacloban City, which came in third with a growth of 13.8 percent, and Puerto Princesa City, securing second place with a growth of 14.7 percent. Aklan had the fastest growth rate of 22.5 percent.
Lapu-Lapu City is home to Cebu’s international branded resorts and the award-winning Mactan-Cebu International Airport, which recently won as Asia’s Best Airport among 200 airports in the Asia Pacific under the “5 million passenger category” in this year’s Routes Asia Awards held in Chiang Mai, Thailand.
Completing the list of 10 fastest-growing economies for 2022 were Nueva Vizcaya (13.1 percent growth), Davao Oriental (12.3 percent), Sorsogon (12.2 percent), Batanes (11.5 percent), Zambales (11.33 percent) and Baguio City (11.31 percent).
The PSA said these leading 10 provinces and HUCs recorded growth faster than the national gross domestic product (GDP) growth rate of 7.6 percent.
Moreover, in terms of share of the national GDP, Cebu Province ranked seventh.
Cebu’s GDP stood at P388.11 billion, contributing 1.9 percent to the national GDP, slightly behind Davao City with P495.31 billion and a share of 2.5 percent. Davao City’s population at 1.7 million as of the 2020 census is only about half that of Cebu Province, which stood at 3.3 million.
Laguna topped the list with a GDP amounting to P990.69 billion or a five percent share of the country’s 2022 GDP. Cavite came second with P731.39 billion or a share of 3.7 percent, followed by Batangas in third with P615.81 billion or a 3.1 percent share. Bulacan had P604.71 billion or a three percent share, while fifth was Pampanga, with a GDP amounting to P525.65 billion or a share of 2.6 percent.
Rounding out the top 10 were Pangasinan in eighth place with P352.93 billion, representing a share of 1.8 percent, followed by Rizal with P340.63 billion or a share of 1.7 percent. Nueva Ecija followed with P298.57 billion, contributing 1.5 percent to the country’s GDP.
The compilation of PPA has been implemented in all regions in the Philippines as of 2023, except in the NCR, which is scheduled for pilot implementation in 2024.