Cordilllera and Davao has fastest economic growth in 2017

 

Despite political noise and perceived peace and order issues, the Cordillera and Davao regions post record economic growth figures in 2017.

In a statement from the philippine Statistics Authority, all seventeen regions posted positive economic growth in 2017 with CAR’s economy growing the fastest.

Among the regions, nine (9) recorded accelerated economies during the year. CAR recorded a growth of 12.1 percent; Davao Region, 10.9 percent; Western Visayas, 8.4 percent; SOCCSKSARGEN, 8.2 percent; ARMM, 7.3 percent; Cagayan Valley, 7.2 percent; CALABARZON, 6.7 percent; MIMAROPA, 6.2 percent; and Caraga, 4.3 percent.

The following regions’ economies also grew, but at a slower pace. Central Luzon grew by 9.3 percent; NCR, 6.1 percent; Northern Mindanao, 5.9 percent; Ilocos Region, 5.8 percent; Central Visayas, 5.1 percent; Bicol Region, 5.1 percent; Zamboanga Peninsula, 2.3 percent; and Eastern Visayas, 1.8 percent.

With this, analysts expect even higher growth in 2018 as the Build Build Build program starts constructing its big ticket projects, and peace initiatives open up the rural areas for investment and growth, creating more local jobs. Recently, the Department of Budget and Management reported that it had increased the share of Mindanao in the budget from 13 to 17%. This is expected to boost growth further on the island, enabling it to attract more investors. 

 

Photo: Philippine Statistics Authority