The Mimaropa region’s economic growth continues to accelerate, fastest since 2010 as reported by Philippine Statistics Authority (PSA) Mimaropa Regional Director Leni R. Rioflorido during the conduct of News Conference pertaining to the 2018 Report on the Regional Economy of Mimaropa held at Tamaraw Hall, Provincial Capitol, Calapan City recently.
Rioflorido said that the economy of Mimaropa accelerated to an 8.6 percent growth in 2018, from 5.2 percent growth recorded in 2017. It is the highest since 2010.
The performance of Mimaropa’s economy in 2018 based on the data presented by PSA was attributed to the growth of all industries.
The report of PSA shows that Industry grew fastest in 2018 at 11.2 percent compared with its 1.6 percent growth in 2017. It reveals that the top contributor to this aspect was Construction, which grew by 26.1 percent. It was followed by Mining and Quarrying, which rebounded with a 5.7 percent growth from a 5.5 percent decline in 2017.
Likewise, Manufacturing grew at a faster pace at 7.2 percent while Electricity, Gas and Water Supply grew by 8.6 percent, albeit slower than the 14.8 percent expansion in 2017.
Further results of data say that Services accelerated in 2018 with a 9.3 percent growth as compared with the previous year’s 8.7 percent growth. Two of its six sub-industries registered accelerated growths in 2018: Public Administration and Defense with 15.2 percent; and Transportation, Storage and Communication with 7.5 percent.
The rest of the sub-industries grew at a slower pace as compared with the results gathered in 2017: Trade and Repair of Motor Vehicles, Motorcycles, Personal and Household Goods at 6.9 percent; Financial Intermediation, 10.3 percent; and Real Estate, Renting and Business Activities, 2.7 percent. Other services, however, maintained their growth at 12.5 percent in 2018.
Moreover, Agriculture, Hunting, Forestry and Fishing (AHFF) also grew but on a slower rate of 2.6 percent as compared with 3.0 percent growth in 2017. The growth was attributed to the 3.1 percent growth in Agriculture and Forestry coupled with the rebound in Fishing at 0.6 percent growth.
Rioflorido emphasized that among the three major economic industries, Services continued to account for the largest share of the region’s economy with 47.8 percent followed by Industry with 33.1 percent and AHFF with 19.1 percent.
Services also had the largest contribution to the 8.6 percent growth of Mimaropa’s economy with 4.4 percentage points followed by Industry with 3.7 percentage points. AHFF contributed the least with 0.5 percentage point. (Luis T. Cueto/PSA-Mimaropa)
