Top rank

Davao region tops economic growth in the country – PSA
Davao Region posted the highest economic growth at 9.4% among the regions in the country last year, following the recovery from the onslaught of Typhoon Pablo, an official of the Philippine Statistics Authority (PSA) said.

Jaime S. Paller, interim regional director of PSA XI, released the data showing that the region “recorded the fastest growth among the 17 regions in the country” as it accelerated from 6.7% in 2013.

“This was attributed on the positive growth in the service sector and the recovery of the agriculture sector,” Paller said.

The agriculture sector, he said, managed to increase from -8.1% in 2013 to 2.4% last year while services sector registered positive growth at 8.3% from 6.6% the previous year. The industry sector, however, slightly declined to 14.6% from 16%.

Davao Region’s per capita gross regional domestic product was estimated at P58,291 last year, which was 7.6% higher than in 2013. Its economic performance last year also surpassed the national economy at 6.1%.

Of the 17 regions in the country, Davao Region was followed by Central Luzon and Central Visayas at 9% and 8.8% economic growth rate, respectively. Eastern Visayas, meanwhile, posted with the lowest rate at -2.3% followed by Autonomous Region in Muslim Mindanao at three percent and Cordillera Administrative Region at 3.2%.

Maria Lourdes D. Lim, regional director of National Economic and Development Authority XI, said the region was able to “remarkably rebound” last year as it “recorded the highest economic growth or gross regional domestic product (GRDP) in the country.”

“Davao Region’s total production of goods and services at constant 2000 prices was valued at P281.5 billion with services contributing 52.2%, followed by industry at 33.4% and agriculture, hunting, forestry and fishing at 14.4%,” Lim said.

The region, she said, was able to sustain its high growth levels in the past three years. She added that it also retained its position as Mindanao’s top economy in terms of GRDP value for the fourth consecutive year.