ROXAS CITY, Capiz (PIA) — The province’s economy grew by 6.8 percent equivalent to 79.47 billion Gross Domestic Product (GDP) in 2023 compared to 74.38 billion in 2022.
Philippine Statistics Authority (PSA) OIC Senior Statistics Specialist Rosiebelle Beluso during the Product Accounts Dissemination Forum said that the main contributors for this growth were wholesale and retail trade, repair of motor vehicles and motorcycles, transportation and storage, and manufacturing.
“In terms of the performance of 16 production industries, all contributed to the growth of the economy except for agriculture, forestry, and fishing (AFF). Major contributors to the 6.8 percent growth of the province in 2023 were wholesale and retail trade, repair of motor vehicles and motorcycles which contributed 1.85 percentage points. Transportation and storage with 1.10 percentage point contribution, and manufacturing which contributed 0.73 percentage point,” Beluso noted.
According to PSA, there are three ways to measure the GDP- production, expenditure, and income.
The agency also added that an increase of GDP is equivalent to the expansion of the economy in terms of production in different industries.
Moreover, according to Provincial Planning and Development Coordinator Wilar De los Santos, despite AFF remains to be the leading contributor, the production was affected due to the higher cost of farm inputs and fertilizers.
In addition, the Capiz provincial government is encouraging the Capiznons to join the community approach to develop a long-term solution to alleviate the effects of this situation.
Further, the provincial government is conducting a program “Kalubihan sa Kamaisan”, a long-term solution to encourage the farmers to help mitigate the effects of flooding which affect the production in AFF industry. (AGP/PLF/PIA Capiz)
