DAVAO CITY—The newest province of Davao Occidental registered the second fastest-growing local economy in the region and among the few pilot provinces to emerge from the financially-debilitating Covid-19 pandemic.
Philippine Statistics Authority (PSA) data on Provincial Product Accounts (PPA) showed the province of Davao Occidental on the second spot in the fastest-growing economy in the Davao Region in 2021.
PSA Davao Occidental chief statistical specialist Jessie Madulin said the first-ever released PPAs covering the period 2018–2021 showed the economy of Davao Occidental posting 6.4 percent growth in 2021 from a negative 1.8 percent in 2020.
“This represented an increase in the value of the Gross Provincial Domestic Product [GPDP] of P32.4 billion in 2020 to P34.4 billion in 2021,” Madulin told the Philippine Information Agency.
“It is worth noting that Davao Occidental is one of the 16 provinces among the 46 pilot provinces in the country that had already surpassed the 2019 pre-pandemic level,” he added. He said its 2021 GPDP was higher than the 2019 GPDP level by 4.5 percent.
Davao de Oro posted the fastest GDP growth with 7.4 percent, while Davao City ranked third with 6 percent, Madulin said.
The PSA started releasing annually last year the sub-regional level economic performances on the identified pilot provinces and highly urbanized cities. Davao Occidental was one of the pilot areas for PPA compilation in 2022.
Madulin said the top contributor of Davao Occidental’s growth was Services with 2.8 percent, closely followed by the Industry with 2.6 percent. The Agriculture, Forestry and Fishing also contributed positively with 1 percent.
Among the 16 industries in the province, construction contributed the highest with 1.9 percent.
The wholesale and retail trade industry followed with 1.5 percent; repair of motor vehicles and motorcycles with 1.5 percent and agriculture, forestry, and fishing with 1 percent.
The rest of the industries also contributed positively to the growth of Davao Occidental’s economy, Madulin stated.
Construction recorded the fastest growth among the industries at 23.4 percent, followed by the human health and social work activities at 19.9 percent, while mining and quarrying recorded 13.2 percent.
Madulin said the PPA is a mechanism to compile the GPDP and Gross City Domestic Product (GCDP), complementing the GDP at the national and the GRDP at the regional level.
“PPA is very advantageous, especially to our government planners in crafting policies and programs for the economic development of the province,” he said.