ILOILO City – Western Visayas registered an 8.4 percent economic growth in 2017, surging from 5.9 percent the year prior, data from the Philippine Statistics Authority showed.
“The higher growth rate is attributed to the recovery of the Agriculture, Hunting, Forestry, and Fishing (AHFF) sector, and the faster growth of the Service sector despite the slowdown in the Industry sector,” PSA Regional Director Fred S. Sollesta told a news conference on Thursday.
The performance of the regional economy is measured by the gross regional domestic product, or GRDP, Sollesta explained.
The GDP of Region 6 was higher than the country’s, which dropped to 6.7 percent in 2017 from 6.9 percent in 2016, PSA data showed.
Western Visayas also ranked fourth among regions with the highest economic growth rates in 2017 – behind the Cordillera Administrative Region (12.1 percent), Region 11 (Davao Region, 10.9 percent) and Region 3 (Central Luzon, 9.3 percent).
The Service sector posted an 8.2 percent growth in 2017 from 6.7 percent in 2016. It accounted for the largest share of the region’s economy at 57.3 percent, Sollesta said.
Under the Service sector were transport, storage and communication; trade and repair of motor vehicles, motorcycles, personal, and household goods; financial intermediation; real estate, renting and business activities; public administration and defense; compulsory social security; and other services.
Rounding out the top three economic drivers in Western Visayas were the Industry sector (24.1 percent share of the economy) and the AHFF sector (18.6 percent).
But making a major surge was the AHFF sector – from -1.8 percent in 2016, it posted an 8.8 percent growth the following year.
The Industry sector’s growth dropped to 8.8 percent in 2017 from 10.6 percent in 2016, PSA data showed.
Under this sector were mining and quarrying; manufacturing; construction; and electricity, gas and water supply.
National Economic and Development Authority regional director Ro-Ann A. Bacal attributed the poor growth rate of the Industry sector to the slowdown in infrastructure projects in 2017.
The Industry sector’s growth was a high 10.6 percent in 2016 because that was the year when many infrastructure projects in the region started, and most of these were merely carried over to 2017, said Bacal.
But Bacal was optimistic that the Industry sector will recover this year, with infrastructure initiatives coming from both the government and private sectors./PN
