The Philippine Statistics Authority (PSA) – Mimaropa (Mindoro, Marinduque, Romblon, Palawan) revealed on Thursday, April 28, that the economy of the region posted positive growth in 2021.
PSA Mimaropa regional director Leni Rioflorido in a press conference said that Mimaropa’s economy rebounded to a 3.3% growth in 2021 from a decline of 7.5% in 2020.
The regional economy is estimated at 369.7 Billion pesos in 2021 from 357.8 Billion pesos in 2020. This remains to be 17.1 Billion pesos compared to the 2019 pre-pandemic year.
Despite the 11.9 Billion pesos increase this year compared to 2020, Rioflorido said that this is not enough to say that region recovered from the Covid-19 pandemic.
PSA also reported that Mimaropa registered the slowest growth pace nationwide.
Rioflorido during the briefing also reported that human health and social work activities in the region posted the fastest growth rate with 17.1%, followed by construction and information and communication with 13.2% and 11.0% respectively.
Meanwhile, mining and quarrying posted the largest decline with -10.6%, followed by transportation and storage with a -6.3% decline.
Of this number, Services in the region have the largest contribution to the region’s economic growth with 1.6% percent, followed by Agriculture with 1% and Industry with 0.8 percent.
Likewise, gross capital formation consisting of construction, durable equipment, intellectual property products, and others registered the fastest growth in expenditure items in the Mimaropa region with 22.9% while household spending in 2021 increased to 5.8%, and government spending increased by 7.1%.
Imports of goods and services from the rest of the world recorded the highest decline of -20.9%.
The real per capita Gross Regional Domestic Product (GRDP) growth rate in 2021 registered an increase of 2.1 percent or Php115,096 in 2021 compared to Php112,692 in 2020. (PJF/PIA Mimaropa)
