BAGUIO CITY: Cordillera Administrative Region’s economy grew by six percent last year with a Gross Regional Domestic Product (GRDP) of P227.92 billion.
National Statistical Coordination Board (NSCB) Regional Head Benjamin Navarro said the growth put Cordillera in 10th place among 17 regions and third among regions in terms of per capita (growth per person or population) GRDP and just behind by 1.2 percent compared to the average national economic growth of 7.2 percent.
Navarro said the faster economic growth of the region last year 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 percent in 2013, rebounded from negative 3.9 percent in 2012 to 4.1 percent in 2013 while services (which accounts 40.8 percent of the economy) accelerated from 7.9 percent in 2012 to 9.6 percent in 2013,” Navarro reported.
On the industry sub-sectors, construction posted the fastest growth at 17.2 percent followed by electricity, gas and water supply at 16.9 percent; mining and quarrying at 12.7 percent and manufacturing at 1.4 percent.
For the services sector, Navarro pointed-out that the increase in growth is due to real estate, renting and business activities that includes Business Process Outsourcing, which increased 19.7 percent last year compared to 9.1 percent in 2012.
Meanwhile, Navarro reported a slowdown in agriculture, hunting, forestry and fishing.
National Economic and Development Authority (NEDA) Planning Division Chief Dolores Molintas affirmed a more robust economic year for Cordillera in 2013.
She said the six percent growth surpassed the region’s target of 4.5 – 5.5 percent 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 promoting investment enterprise, business development and infrastructure development as well as improving business climate, the ease of doing business and the promotion of productivity and industrial peace, especially in the mining, manufacturing and service sectors.