GOOD NEWS. Philippine Statistics Authority-Cordillera director Villafe Alibuyog on Thursday (April 25, 2024) reported that the region posted a 6.9 percent growth in 2023, the fourth fastest in the country. Regional growth was largely driven by the Industry sector, which grew by 8.9 percent due to a boost from the accommodation and food services activities, other services, and transportation and storage. (PNA photo by Liza T. Agoot)
BAGUIO CITY – The Philippine Statistics Authority (PSA) in the Cordillera Administrative Region (CAR) on Thursday said the region posted a 6.9 percent growth in its economy in 2023, making it the fourth fastest in the country.
Villafe Alibuyog, PSA-CAR Regional Director, in a press conference, said CAR followed Central Visayas, 7.3 percent; Western Visayas, 7.2 percent; and Ilocos Region, 7.1 percent.
She said all four regions surpassed the national economy’s 5.5 percent expansion last year.
The main driver of regional growth last year was the Industry sector, which posted an annual growth of 8.9 percent due largely to the accommodation and food services activities, which expanded by 31 percent; services, 30.6 percent; and transportation and storage, 25.7 percent.
“These indicators are linked to tourism, proving that activities directly and indirectly linked to the activity are contributing to the region’s economy,” Alibuyog said.
In terms of expenditure, household final consumption expenditure grew by 3.7 percent, with the per capita household final consumer expenditure estimated at around PHP139,681.
“This means that on average, an individual member of a household spends PHP139,681 on the final consumption of goods and services including the purchase of consumer goods and services, barter transactions, goods and services in kind, and goods and services produced and consumed by the same individual,” the director reported
Alibuyog said with the normalization of travel and people having funds to spend, the tourism sector is proving to be a good economic booster for the Cordillera region.
She added that the regional economy continues to be service-dominant, with a rate of 68.1 percent, followed by industry, 24.2 percent; and agriculture, forestry, and fishing, both at 7.7 percent.
Laying the tourism groundworks
Jose Dado, OIC assistant regional director of the National Economic Development Authority (NEDA), in the same event, said the region started the groundworks on tourism development in 2012 with the paving of 361.365 kilometers of roads under the tourism convergence projects.
He said the region posted a growth in tourism arrival last year with 1.68 million tourists from 1.28 million in 2022.
“This indicates that the region is catering to the needs of the tourists and are happy to be here, returning visits to different parts of the Cordillera,” he said.
Dado also mentioned the contribution of the ease of doing business, with 98 percent of local government units being compliant with the law that redounds to economic productivity. (PNA)
