CAMIGUIN (PIA)–To highlight the local economy’s vital statistics, the Philippine Statistics Authority (PSA) Camiguin conducted the Provincial Product Accounts (PPA) Dissemination Forum for the year 2022, where PSA Camiguin Chief Statistical Specialist Francisco Galagar, Jr. revealed that Camiguin is the region’s third “fastest-growing economy” with an impressive 8% accelerated growth in 2022, on December 4 at Paras Beach Resort, Yumbing, Mambajao.
The provincial economy’s growth surpassed the previous year’s 4.7%, resulting in a gross domestic product (GDP) of P11.10 billion, exceeding the pre-pandemic figure of P11.08 billion, Galagar said.
“Through the PPA, the GDP of the provinces and HUCs, or highly urbanized cities, is compiled, in which statistics would guide our stakeholders for evidence-based policies, programs, and projects, especially at the local level,” Galagar said, emphasizing the significance of the PPA in compiling the GDP using a production approach at the sub-regional level.
He further added that the accelerated economic growth was attributed to the 13.1% growth in services, outpacing the 3.4% recorded in the previous year. However, the industry sector slowed its growth to 4%, and agriculture, forestry, and fishing posted a contraction of 4.5%.
The top contributors to economic growth included accommodation and food service activities, wholesale and retail trade, and transportation and storage. The fastest-growing industries were transportation and storage, accommodation and food service activities, and information and communication, Galagar added.
Services account for 60.2% of the provincial economy in Camiguin, which is its main economic sector. The industry sector follows with a 26.7% share, while agriculture, forestry, and fishing (AFF) share 13.1%.
The per capita GDP increased by 7.2 percent in 2022, reaching P118,402, compared to P110,405 in 2021.
Galagar said Camiguin outpaced the regional economic growth of 7.2 percent, adding that the province accounted for the least share (1.2 percent) of the Gross Regional Domestic Product (GRDP) of Region 10.
Comparing industries, Camiguin posted declines in agriculture, forestry, and fishing, growing slower than the average regional growth in industry and registering the fastest growth in services. In per capita GDP, the province exhibited lower figures than the regional average but recorded the third-highest increase in per capita GDP.
Elaborating on the numbers that the province has achieved, Benjohn Amora, Mambajao municipal planning and development coordinator, highlighted local initiatives to support tourism, digitalize business permits, upgrade the local government’s website, and improve and rehabilitate tourist destinations.
He said Mambajao has also implemented programs supporting farmers and fisherfolk and revisited tax incentive policies.
“In 2020, we gave the establishments enough time to settle their taxes and obligations, kay mao man tong pag-start nila balik og operations sa business [because that was the time when they resumed business operations]. Based on our local records, the highest revenue is from the services that support tourism,” Amora added.
The PPA Dissemination Forum not only underscored Camiguin’s economic success but also provided a roadmap for evidence-based policies and programs, ensuring continued progress and resilience in the face of dynamic economic challenges. (RTP/PIA-10/Camiguin)
The Philippine Statistics Authority Camiguin conducted the Provincial Product Accounts Dissemination Forum for the year 2022, where PSA Camiguin Chief Statistical Specialist Francisco Galagar, Jr. revealed that Camiguin is the region’s third “fastest growing economy” with an impressive 8% accelerated growth in 2022, on December 4, 2023, at Paras Beach Resort, Yumbing, Mambajao. (JME/PIA-10/Camiguin)
