BAGUIO CITY (PIA) – – The Cordillera Administrative Region records a sustained economic growth in 2023 with a Gross Regional Domestic Product (GRDP) of P361.1 billion, a growth of 6.9 percent compared to the P337.7 billion GRDP in 2022.
The region’s 6.9 percent growth is higher than the national level of 5.5. It is the fourth fastest among the regions of the country, behind Region VII (7.3%), Region VI (7.2%) and Region 1 (7.1%).
PSA – CAR Regional Director Villafe Alibuyog reports the highlights of the Cordillera’s 2023 economic performance. (CCD/PIA CAR)
The GRDP per capita of Cordillera of P195,162 is also the second highest next to the National Capital Region.
GRDP per capita is defined as ratio of GRDP to the total population of the region.
Of the P361.1 billion Cordillera GRDP, Services is the biggest contributor with 245.9 billion (68.1%) followed by Industry at P87.4 billion (24.2%), and Agriculture, Forestry and Fishery with P7.7 billion.
Since 2022, the Cordillera economy surpassed its pre – pandemic level or the 2019 GRDP of P322.1 billion, and it continues to grow.
The Philippine Statistics Authority-Cordillera headed by Regional Director Villafe Alibuyog presented the 2023 Report on the Economic Performance in a recent news conference.
National Economic Development Authority-CAR OIC Assistant Regional Director Jose Dado reported that the region’s 6.9 percent economic growth surpassed the 5. 6 percent 2023 target under the Regional Development Plan 2023 – 2028.
He cited the industry sector which includes tourism as a major contributor to the region’s sustained economic growth.From the over 1.28 million recorded tourists in 2022, it increased to around 1.68 million in 2023.
“The tourism and hospitality industries have consistently catered to the influx of regional visitors seeking lodging, dining options and efficient transportation services, thereby establishing it as a key driver of economic growth in the region,” he said.
For ways forward, Dado called for a whole – of – government and whole – of society approach in moving the Cordillera economy towards sustainable and inclusive growth.
“May our economic performance in 2023 serve as a source of encouragement as we continue our collaborative efforts towards progress and prosperity. As our economy keeps growing, our goal is to ensure that development policies not only result in improved economic growth but also lead to better, more prosperous and resilience life for all our people, leaving no one behind,” Dado stressed. (JDP/CCD-PIA CAR)
NEDA – CAR OIC Asst. Regional Jose Dado (left)provides assessment on the 2023 regional economy. Also in photo are PSA – CAR Regional Director Villafe Alibuyog, Chief Statistical Specialist Aldrin Bahit Jr and BSP NL Regional Office Director Noel Neil Malimban. (CCD/PIA CAR)
