Bicol economy posts 5.7% growth expansion in 2016

The Philippine Statistics Authority (PSA) in Bicol said the region was able to record a 5.7-percent growth expansion in 2016.

Cynthia Perdiz, PSA-Bicol director, said under the GRDP constant prices level in 2016, Bicol posted a 5.7 percent share to Gross Regional Domestic Product (GRDP) or PHp164 billion worth of goods and services produced.

Citing PSA data, she said the region was able to sustain its economic growth expansion significantly within the standard set by the GRDP.

“Services accounted for the biggest share in the region’s economy at 56.7 percent or PHp93.2 billion,” said Perdiz.

She said this was followed by industry at 23.2 percent or PHp38.2 billion and agriculture, hunting, forestry and fishing (AHFF) at PHp33 billion or 20 percent.

Perdiz said as the biggest contributor to the Bicol region’s economic performance in 2016, the service sector accounted for 3.9 percentage points of the 5.7 percent growth.

She added industry contributed 1.9 percentage points, while AHFF’s share was negative 0.1 percentage point.

PSA data showed that industry grew by 8.4 percent in 2016 from a 25 percent expansion in 2015 while manufacturing boosted the industry’s growth surging by 12.0 percent from the 3.7 percent in 2015.

The same data showed improvements in mining and quarrying which grew to 9.0 percent.

PSA said, however, that a slow down was noted in electricity, gas and water supply, which was down to 9.0 percent in 2016 from 14.1 percent in 2015.

“Similarly, construction plunged to 7.1 percent from the 42.5 percent expansion in 2015,” said PSA.

Perdiz noted that the implementation of public and private construction projects in 2016 had accounted only for 7.1 percent or PHp20.2 billion of GRDP in 2016.

PSA-Bicol said Bicol’s GRDP of PHP164 billion in 2016 made it rank ninth among the 17 regions in the country. (Mar A. Arguelles/PNA)