CALAPAN CITY, Oriental Mindoro – The Mimaropa region's economy grew to PHP411.4 billion in 2023 from PHP393 billion in 2022, surpassing its pre-pandemic levels, the Philippine Statistics Authority (PSA) reported Thursday.
In a press briefing here, Leni Rioflorido, director of PSA 4-B (Mimaropa), said the five-province region exceeded its 2019 economic performance with a margin of about PHP24.7 billion.
She disclosed that the industries posting the fastest growth rates were: accommodation and food service activities with 30.9 percent; other services,16 percent; and compulsory social activities, 13.8 percent.
Among the sectors, services grew by 8.8 percent.
Agriculture, forestry, and fishing grew by 6.2 percent in 2023 from a 2.4 percent decline in 2022, Rioflorido added.
The region’s total industry posted a 1.8-percent decline in 2023 due to a reduction in mining and quarrying by 18 percent, and manufacturing by 4.9 percent.
“Despite this decline, Mimaropa still had the third largest share of the total mining and quarrying revenues in the country,” the PSA official pointed out.
Meanwhile, household spending or Household Final Consumption Expenditure (HFCE), which shared 85.8 percent to the regional economy, slowed down to 1.8 percent in 2023 from 8.2 percent growth in 2022.
The per capita household final consumption expenditure in the region slightly grew by 0.7 percent in 2023.
The recorded per capita HFCE, at constant 2018 prices, in the region was PHP107,607, about 21 percent lower than the national level which amounted to PHP136,247.
"The region's exports of goods and services to (the) rest of the world accounted for the fastest growth among the expenditure items, with 37.4 percent," Rioflorio said.
HFCE consists of expenditure incurred by resident households on goods or services that are used for the satisfaction of needs or wants. (PNA)
