ECONOMIC PERFORMANCE. NEDA Central Luzon regional director Gina Gacusan reports the 2021 economic performance of Central Luzon during a news conference in the City of San Fernando, Pampanga on Thursday (April 28, 2022). She also cited the importance of implementing the 10-point agenda for economic recovery. (Photo by NEDA Region III)
CITY OF SAN FERNANDO, Pampanga – The economy of Central Luzon rebounded last year from a double-digit contraction in 2020, the Philippine Statistics Authority Regional Statistical Services Office-Central Luzon (PSA RSSO III) reported on Thursday.
Results from the latest regional accounts showed the region’s economic output rose to 7.4 percent last year, reversing the 13.9-percent drop in 2020.
Central Luzon was among the four regions with the highest economic growth in 2021. Calabarzon ranked first with 7.6-percent growth, followed by Bangsamoro Autonomous Region in Muslim Mindanao and Cordillera Administrative Region, both with 7.5 percent.
Of the 5.7-percent economic growth in the country, Central Luzon was the third-largest contributor to the increase with 0.8 percentage points, accounting for 10.9 percent of the total gross domestic product (GDP).
Meanwhile, the sub-industries with the highest growth rates in the region were mining and quarrying with 41.4 percent; human health and social work activities with 21.9 percent; and manufacturing with 17.1 percent.
On the other hand, the region’s agriculture, forestry, and fishing further declined by 6 percent last year from 5 percent in 2020.
The PSA RSSO III also reported that services accounted for 46 percent of the region’s total economy in 2021, followed by industry with 42.2 percent and agriculture, forestry, and fishing with 11.8 percent.
Services rebounded to 5.8 percent in 2021 from -10.5 percent in 2020.
In a report, PSO RSSO III officer-in-charge Arlene Divino attributed the growth to the increase in all its sub-industries, mainly human health and social work activities, information and communication, and accommodation and food service activities.
Central Luzon's gross capital formation also posted a growth of 42.8 percent in 2021 from a contraction of 43.9 percent in 2020.
Household final consumption expenditure also grew by 1.1 percent compared to the decline of 7.1 percent during the previous year.
Gross fixed capital formation rose significantly by 8.3 percent in 2021 from a -30.6 percent decline in 2020.
Total exports of goods and services to the rest of the world and total imports of goods and services from the rest of the world both registered an increase of 5.9 percent and 15.3 percent, respectively.
However, government spending in the region slowed down by 8.9 percent in 2021 from 9.1 percent in 2020.
Real per capita household final consumption expenditure in Central Luzon slightly dropped by 0.5 percent in 2021.
It was recorded at PHP142,238 in 2021, higher than the national level which amounted to PHP122,112.
In a press briefing, NEDA Central Luzon regional director Gina Gacusan cited the importance of the 10-point agenda for economic recovery to accelerate the country’s rebound from the coronavirus disease 2019 (Covid-19) pandemic.
The 10-point policy agenda covers metrics, vaccination, healthcare capacity, economy and mobility, schooling, domestic travel, international travel, digital transformation, pandemic flexibility bill, and medium-term preparation for pandemic resilience.
Gacusan also underscored the need to manage food inflation, promote investments, and encourage women to join the labor force, to hasten economic recovery. (PNA)
