PSA: Bicol Region grows fastest in 2018, Davao Region slows down
MANILA, Philippines — The economies of all 17 regions in the Philippines expanded in 2018, with Bicol Region growing the fastest, the Philippine Statistics Authority reported Thursday.
The economy of Bicol Region grew 8.9% last year, the quickest pace among all regions. The same region also registered the highest growth in per capita gross regional domestic product (GRDP) at 6.8%.
This was followed by Davao Region and MIMAROPA, with GRDP growth of 8.6%.
Meanwhile, other regions with accelerated growth were:
- Central Visayas - 7.6%
- CALABARZON - 7.3%
- Northern Mindanao - 7.0%
- Ilocos Region - 6.5%
- Zamboanga Peninsula - 6.3%
- Eastern Visayas - 5.9%
According to the PSA, growth of Davao Region slowed down despite being among the fastest-growing regions in 2018.
Other regions that also grew at a softer pace compared with the previous year were:
- Cordillera Administrative Region (CAR) - 7.3%
- Autonomous Region in Muslim Mindanao (ARMM) - 7.2%
- Central Luzon - 7.1%
- SOCCSKSARGEN - 6.9%
- Western Visayas - 6.1%
- National Capital Region (NCR) - 4.8%
- Cagayan Valley - 3.3%
- Caraga - 3.2%
“NCR continued to account for the largest share of the country’s Gross Domestic Product at 36.0%. It was followed by CALABARZON with a share of 17.0% and Central Luzon with a share of 9.8%,” the PSA said.
In 2018, GDP growth stood at 6.2 percent, below the state’s 6.5-6.9 percent goal for the year and the weakest in three years.
The Philippines experienced a rapid increase in consumer-price growth last year. In a bid to fight capital outflow and keep inflation in check, the Bangko Sentral ng Pilipinas lifted its policy rate by a cumulative 175 basis points.
Red-hot inflation and higher borrowing costs sapped consumer spending, which has traditionally been the driving force behind growth in the Philippines.
With inflation seen abating moving forward, the government said it is confident the economy will recover in 2019, although the four-month delay in the enactment of this year’s budget is expected to weigh on growth. — Ian Nicolas Cigaral
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