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MANILA, Philippines — Bicol region, among the areas hard-hit by Typhoon Glenda (Rammasun), posted the fastest regional economic growth in 2013, government data showed Thursday, July 31.
According to the Philippine Statistics Authority (PSA), Bicol’s gross domestic product grew 9.4% last year, way above its 6.9% growth in 2012. Growth was buoyed by its services sector, which accounted for 57% of the region’s output.
Bicol’s expansion was the fastest among 17 regions in the country, according to the PSA. This year, however, more than 20,000 houses were damaged in the region when Typhoon Glenda made landfall in the Philippines mid-July. The government said some P1.14 billion ($26 million) worth of agriculture and infrastructure were destroyed by the typhoon.
The National Capital Region (NCR) recorded the second-fastest growth of 9.1%. Other regions that posted remarkable growths in 2013 include SOCCSKARGEN with 8.4%; Caraga, 7.8%; and Ilocos region, 7.7%.
Mimaropa (Marinduque, Oriental Mindoro, and Oriental Mindoro), another Glenda-hit region, was the worst-performing region in 2013, with 1.7% growth. The region’s 2012 growth stood at 4.8%.
The Autonomous Region in Muslim Mindanao (ARMM) ranked second worst-performing, with 3.6% growth. But the figure was an improvement from the 1.1% growth ARMM registered in 2012. Western Visayas posted 4.1% growth in 2013, the third-lowest.
The National Economic and Development Authority (NEDA) earlier said that the Philippine economy expanded at a faster pace in 2013, despite the occurrence of several natural calamities in the previous year, including Super Typhoon Yolanda (Haiyan).
The PSA said that the Philippine economy posted a growth of 7.2% in 2013, faster than the 6.8% expansion in the previous year.
However, NEDA Director-General Arsenio Balisacan previously said that the combined impact of disasters that hit the country reduced the full-year real GDP growth by at least 0.1 percentage point.
Meanwhile, out of the country’s 17 regions, 7 recorded accelerated growths from 2012 to 2013.
The economy of Eastern Visayas rebounded from a 6.4% contraction in 2012 to a growth of 5.7% in 2013.
Other regions which recorded faster growths in 2013 were: NCR, the Cordillera Administrative Region (CAR), Ilocos, Bicol, SOCCSKSARGEN, and ARMM.
Zamboanga Peninsula’s economic growth, on the other hand, suffered the biggest deceleration – from a growth of 12.9%in 2012 to a 4.3% growth in 2013.
Other regions whose growths slowed down in 2013 were Cagayan Valley, Central Luzon, CALABARZON, MIMAROPA, Western Visayas, Central Visayas, Northern Mindanao, Davao Region, and Caraga.
NCR continued to have the largest share of the country’s total economic output, at 36.3% in 2013, slightly higher than its 35.7% share in 2012.
It was followed by CALABARZON with a share of 17.4% and Central Luzon with 9%. On the other hand, ARMM accounted for the lowest share to the GDP of 0.7%.
In the first quarter, the Philippine economy grew at a slower pace of 5.7% as the growth of the agriculture and industry sectors eased due to the lingering effects of Yolanda.
The economic performance as of end-March was below market consensus and was also lower than the government’s target of 6.5% to 7.5% for 2014. – Rappler.com
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