Romblon Province experienced economic growth in 2022, with its Gross Domestic Product (GDP) surging by 9.8%, a notable acceleration compared to the 3.4% growth in the previous year.
The province's GDP reached Php 29.03 billion, surpassing the Php 26.44 billion recorded in 2021, according to a press release from the Philippine Statistics Authority (PSA) Romblon.
The positive growth was observed across all major industries, with Services and Industry witnessing increases of 10.8% and 9.0%, respectively. Agriculture, forestry, and fishing also contributed to the growth, posting a substantial increase of 7.5%.
Among the 16 industries, Wholesale and retail trade; repair of motor vehicles and motorcycles had the largest share at 26.4%, followed by Agriculture, forestry, and fishing at 17.6%, and Construction at 11.7%.
In the MIMAROPA Region, which includes five provinces (Oriental and Occidental Mindoro, Marinduque, Romblon, and Palawan) and one Highly Urbanized City (HUC), Romblon's GDP accounted for 7.4% of the region's total GDP of Php 392.96 billion in 2022.
The PSA, mandated by Republic Act No. 10625, compiles and maintains macroeconomic accounts and indicators at the national and sub-national levels.
The Provincial Product Accounts (PPA) mechanism allows the PSA to estimate annual GDP by province/HUC, consistent with the National and Regional Accounts of the Philippines. In 2023, all provinces and HUCs in the MIMAROPA Region, including Romblon, continued to implement the PPA.
As of 2023, a total of 82 provinces and 17 HUCs are involved in compiling the PPA.
