ARMM's GRDP growth rate hits record-high 7.3% in 2017
BPI-ARMM | April 26, 2018
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| The Office of the Regional Governor of ARMM. File Photo |
COTABATO CITY: The Autonomous Region in Muslim Mindanao's gross regional domestic product growth rate peaked at 7.3% in 2017 from a dismal 0.4% in 2016 – the highest economic growth rate in the region's history, and surpassing the national economic performance at 6.7 %.
The unprecedented performance put the region at sixth place among 17 regions in the country, overtaking other fast-growing economies nationwide.
Figures from the Philippines Statistics Authority shows that a recovered agriculture, hunting, forestry, and fishing sector contributed a lot to the region's economic performance. It regained its performance as it registered a 15.5 percent growth from a mere 4.3 percent in 2016.
The ARMM is predominantly agricultural, with a 56.4 percent industry contribution in the region's economy.
"The GRDP is a tool to measure the economy of each region. It covers the value of goods and services offered in the region," PSA-ARMM Director Razulden Mangelen said.
The GRDP measures the goods and services produced in every region of the country. It is the basis for analyzing the regional distribution of the country’s Gross Domestic Product, including the industries and factors that contribute to the regional economies.
National Statistician Lisa Grace Bersales lauded the ARMM government's effort to provide accurate information at the right time.
"In behalf of the PSA, I congratulate the ARMM for the great economic performance and for helping us advocate for the right information," Bersales said.
"Ngayon nararamdaman na talaga ang pagbabago sa ARMM," she added.
ARMM Governor Mujiv Hataman noted that the region's economic growth rate is truly remarkable in the ARMM's history since its creation.
"Yung mga imposible noon naging posible na ngayon. Masaya ako dahil mag iiwan tayo ng marka sa rehiyon bago ang transisyon sa Bangsamoro government," Hataman said.
Hataman said the high economic rate is one of the gains following reforms in regional governance and bureaucracy since he assumed office in 2011, during which the ARMM recorded a low economic growth rate of negative 0.3 percent.
"Inayos natin at patuloy na aayusin ang pamamahala at burukrasya sa rehiyon kaya naniniwala ako na tataas pa ito sa susunod na taon," he added.
The fishing subsector also showed remarkable growth from negative 8.7 percent to 4.5 percent.
"Ito ay dahil sa good weather condition, pagtaas ng seaweeds production at mataas na fisheries production," ARMM's Bureau of Fisheries and Aquatic Resources (BFAR-ARMM) Director Janice Musali said.
The ARMM remains the largest producer of fish in the country with reported fisheries production of 4.3 million tonnes, and a seaweeds volume of 4.7 million tonnes in 2017.
"The regional government will also continue to provide livelihood projects to farmers and fisherfolks," she added.
The PSA-ARMM also noted the improved performance of the industry sector, which jumped to 10.3 percent from 5.7 percent. The industry sector covers mining and quarrying, manufacturing, construction,and electricity, gas and water supply.
Growth drivers in the region also included the service sector which improved to 9.6 percent from 8.2 percent.
The services sector, also referred to as tertiary sector, covers businesses that engage in transport, storage, and communication; trade and repair of motor vehicles, personal and household goods; financial intermediation; real estate, renting and similar business activities; public administration and defense; compulsory social sector; utilities; and other services.
In 2016, the region's economy rebounded after a slower growth in the previous year. It posted positive 0.3% from negative 0.4% in 2015. - BPI-ARMM
