COTABATO CITY -- The Autonomous Region in Muslim Mindanao (ARMM) gross regional domestic product (GRDP) growth rate peaked at 7.3 percent in 2017 compared to a dismal 0.4 percent in 2016 -- the highest economic growth rate so far in the region's history.
ARMM's record-breaking GRDP also surpassed the national economic performance at 6.7 percent last year.
The unprecedented performance, according to the Philippine Statistics Authority (PSA), has put the region at sixth place among 17 regions in the country, overtaking other fast-growing economies nationwide.
PSA noted the region's recovery in the agriculture, hunting, forestry, and fishing sectors as contributory factors for the region's economic performance. It registered a 15.5 percent growth from a mere 4.3 percent in 2016.
ARMM is predominantly agricultural, with a 56.4 percent contribution in the region's economy.
"The GRDP is a tool to measure the economy of each region. It covers the value of goods and services offered in the region," PSA-ARMM Director Razulden Mangelen said.
GRDP measures the goods and services produced in every region of the country. It is the basis for analyzing the regional distribution of the country’s Gross Domestic Product, including the industries and factors that contribute to the regional economies.
National Statistician Lisa Grace Bersales lauded the ARMM government's effort to provide accurate information at the right time. "In behalf of the PSA, I congratulate the ARMM for the great economic performance and for helping us advocate for the right information," Bersales said. "Now, change is also being felt in the ARMM," she added.
ARMM Governor Mujiv Hataman noted that the region's economic growth rate is truly remarkable in the ARMM's history since its creation. "The once deemed impossible goals now became possible. I am happy because I will be leaving a legacy to the region before the transition of the Bangsamoro government,” Hataman.
Hataman said when he assumed office in 2011, the ARMM recorded a low economic growth rate of negative 0.3 percent. The fishing subsector also showed remarkable growth in 2017 from negative 8.7 percent to 4.5 percent.
The ARMM remains the largest fish producer in the country with reported fisheries production of 4.3 million tons, and a seaweeds volume of 4.7 million tons in 2017.
PSA-ARMM also noted the improved performance of the industry sector, which jumped to 10.3 percent from 5.7 percent. This covers mining and quarrying, manufacturing, construction, and electricity, gas and water supply.
Growth drivers in the region also included the service sector, which improved to 9.6 percent from 8.2 percent. Also referred to as the tertiary sector, it covers businesses that engage in transport, storage, and communication; trade and repair of motor vehicles, personal and household goods; financial intermediation; real estate, renting and similar business activities; public administration and defense; compulsory social sector; utilities; and other services.
In 2016, the region's economy rebounded after a slower growth during the previous year.
It posted positive 0.3 percent from negative 0.4 percent in 2015. ARMM covers the cities of Marawi and Lamitan, and also the provinces of Maguindanao, Sulu, Tawi-tawi, Lanao del Sur and Basilan. (PNA)
