Davao Region’s economic performance in 2021 recorded a high of 5.9 percent, a significant increase from the negative 7.5 percent in 2020.
With steady prices in 2018, the region’s economy was valued at PHP882 billion in 2021 from about PHP833.2 billion in 2020 with an increase of PHP48.8 billion.
The level still falls short of PHP18.5 billion compared to the one recorded in 2019, during the pre-pandemic period.
Philippine Statistics Authority in Davao Region (PSA-11) Director Ruben Abaro Jr. said Thursday the industry and service sectors posted the highest growth at 9.9 percent and 5.6 percent, respectively.
“However, agriculture, forestry, and fishing decelerated by 0.8 percent,” Abaro said, attributing this was due to the “perfect storm in agriculture.”
He noted that the industry suffered due to the pandemic-related restrictions, depleted resources due to African swine fever, Avian influenza, and the typhoons that severely hit agricultural areas in Luzon and Mindanao.
Meanwhile, Rosendo Aya-ay, Chief Economic Development Specialist, said the region should strengthen its trade and manufacturing sectors to generate a higher economic performance this year.
“These are our major contributors for a long time already, so we need to beef it up for faster recovery,” Aya-ay said.
Meanwhile, National Economic Development Authority-11 Assistant Director Gilberto Altura noted that the infrastructure boom in Davao City, especially the rise of residential developments, can help lift the locality’s economy
“Construction contributes a substantial share together with manufacturing. The property development players are also expected to sustain the growth in these sectors,” Altura said.
Source: Philippines News Agency
