UPWARD MOMENTUM. Charito Armonia, regional director, Philippine Statistics Authority-Calabarzon (PSA-4A), briefs reporters on Thursday (April 25, 2024) on the region's economic performance in 2023. Calabarzon's economy exceeded the PHP3-trillion mark last year. (Photo by Zen Trinidad)
CALAMBA CITY, Laguna – The economy of Calabarzon continued its upward trajectory, reaching a substantial value of PHP3.10 trillion in 2023, the Philippine Statistics Authority (PSA) reported on Thursday.
During a press briefing held at Hotel Marciano in this city, Charito Armonia, regional director of PSA IV-A, said the overall size of Calabarzon's economy exhibited robust expansion despite a slight deceleration in its Gross Regional Domestic Product (GRDP) growth to 5.2 percent in 2023 from 7.8 percent in 2022.
The region’s economy was valued at PHP2.94 trillion in 2022 and PHP2.73 trillion in 2021.
Armonia cited the key sectors driving this growth, with "Other Services" encompassing areas such as arts, culture, and personal services, leading the pack with an impressive 22.9 percent surge.
Following closely behind were Accommodation and Food Service Activities with 19.5 percent, Construction with 14.8 percent, and Financial and Insurance Activities with a notable 13.8 percent increase.
“These are the industries that posted a double-digit increase while mining and quarrying declined by 0.3 percent, the only industry which recorded a decline in 2023, among others,” she said.
Underscoring the pivotal role of specific industries, Armonia said wholesale and retail trade, along with the repair of motor vehicles and motorcycles, contributed significantly to regional growth, posting a solid 6.832 percent increase.
Manufacturing and financial activities also made substantial contributions, growing by 1.7 percent and 13.8 percent, respectively.
In comparison to other regions, Calabarzon emerged as a powerhouse in industrial output, with industry accounting for 49.6 percent of its economic activity, followed closely by services at 46 percent, and agriculture, fisheries, and forestry (AFF) sector at 4.5 percent.
Armonia revealed that Calabarzon played a significant role in driving the national economy, contributing 0.8 percentage points to the country's 5.5 percent GDP growth in 2023. Additionally, the region ranked second in terms of GDP share, comprising 14.7 percent of the total GDP.
Discussing expenditure patterns, Armonia cited a notable uptick in gross capital formation, albeit at a slower pace compared to the previous year.
Household final consumption expenditure and government final consumption expenditure also exhibited growth, albeit at a slightly reduced rate.
However, there were slight declines in imports of goods and services from the rest of the world (ROW) and exports of goods and services to ROW, indicating areas for potential improvement.
On a positive note, Armonia highlighted the increase in per capita household final consumption expenditure, which rose to PHP152,754 in 2023, reflecting a 4.3 percent growth from the previous year.
This figure surpassed the national average by 12.1 percent, indicating “improved disposable income and enhanced purchasing power among residents.”
Armonia expressed optimism about Calabarzon's economic trajectory, underscoring the region's “resilience and potential for sustained growth. (PNA)
