ECONOMIC GROWTH. PSA-BARMM Director Razulden Mangelen speaks during Thursday’s (April 25) news conference regarding the region’s 7.2 percent GRDP growth rate in 2018. (Photo courtesy of BARMM Media Group)
COTABATO CITY -- The Autonomous Region in Muslim Mindanao (ARMM), which now make up the core territory of the Bangsamoro Autonomous Region, posted a 7.2-percent growth rate in its Gross Regional Domestic Product (GRDP) for the year 2018.
The latest economic data was announced by the Philippine Statistics Authority (PSA) on Thursday, during a news conference held at Alnor Commercial Complex here. With 55.6 percent input, the sectors of agriculture, hunting, forestry and fishing (AHFF) remained with the largest share in the region's total economic performance.
It is followed by the services sector with 38.5 percent, and industry at 5.9 percent.
PSA-BARMM Director Razulden Mangelen said the GRDP is a tool to monitor the economic performance of a region and covers the value of goods and services produced in the area.
The ARMM ranked fifth among the 17 regions in the country in terms of the rate of regional economic growth in 2018.
In his message read by Finance Minister Eduard Guerra, Bangsamoro Chief Minister Al Haj Murad Ebrahim said the region's growth rate substantiates that the Bangsamoro could be at par with other regions.
"This is a great development for us. Your Bangsamoro government vows to continue this feat as part of our moral governance," he said.
ARMM has been deemed abolished following the ratification of the Bangsamoro Organic Law in two separate plebiscites held in January and February this year. (PR/PSA-BARMM/PNA)
