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OrMin ranks 2nd with the largest economy in Mimaropa

OrMin ranks 2nd with the largest economy in Mimaropa


CALAPAN CITY, Oriental Mindoro (PIA) -- The province of Oriental Mindoro was the second largest economy, following the province of Palawan from among the five provinces and one highly urbanized city in Mimaropa region, based on the 2018-2020 report on the economic performance of Oriental Mindoro dissemination forum held at MAHALTA Resorts and Convention Center, Calapan City on December 6.

Chief Statistical Specialist of Oriental Mindoro Provincial Statistical Office Efren C. Armonia said from 2018 to 2020, it accounted for an average share of 26.7% of the total economy of the region.

In his report, Armonia explained that among major industries, the economy of Oriental Mindoro is driven by Services, which accounted for more than half of the province’s total economic output with an annual average share of 50.4% from 2018 up to 2020.  It was followed by Industry with 33.6% share, and Agriculture, forestry and fishing at 16% share.

In terms of growth, the economy of Oriental Mindoro increased by 5.6% in 2019 from P98.61 billion in 2018 to P104.10 billion in 2019.  However, the economy of the province plummeted by -9.0% to P94.74 billion in 2020.  Such decrease in growth rate, according to Armonia, is attributed to the effect of the pandemic.

Photo screenshot: PIA-Oriental Mindoro

In the report presented by the Philippine Statistics Authority (PSA), the main drivers of growth in the economy of the province in 2019 are as follows: Manufacturing; Wholesale and Retail Trade; Repair of Motor Vehicles and Motorcycles; and Financial and Insurance Activities.

On the other hand, the industries that contributed most to the decline of the province in 2020 are as follows: Construction; Accommodation and Food Service Activities; Transportation and Storage; and Agriculture, Forestry and Fishing.

Despite the decline, industries with positive growth rates are the following: Information and Communication; Public Administration and Defense, Compulsory Social Activities; Manufacturing; Financial and Insurance Activities; and Electricity, Steam, Water and Waste Management.

Armonia further stated that of the 4.3% growth of Mimaropa Region in 2019, about 1.5 percentage points was contributed by Oriental Mindoro.  Meanwhile, the province contributed -2.4 percentage points to the -7.6% decline of the economy of the region in 2020.

The PSA which was established through Republic Act No. 10625 or The Philippine Statistical Act of 2013, is tasked, among others, to compile and maintain macroeconomic accounts and indicators, at the national and subnational level.  At the provincial level, the Provincial Product Accounts (PPA) is the tool to measure the economic performance of the province or highly urbanized cities (HUCs) at a given time.

PSA Mimaropa Regional Director Leni R. Rioflorido (center) emphasizes that Provincial Product Accounts (PPA) is the very first in the province as Mimaropa was selected as one of the three pilot regions for the PPA. (Photo by: Luis T. Cueto/PIA-OrMin)

Furthermore, PSA announced that starting this year, the PSA will annually release the provincial level economic performances following the identified pilot provinces and HUCs.  In fact, Oriental Mindoro is one of the pilot provinces for PPA this year.

The PPA aims to present a comprehensive picture of the provincial economies by providing a more appropriate measure and assessment of the economic performance of the provinces.  Output of this endeavor will provide planner, policy makers and users a description and assessment of the overall performance of the economy in a given period.

Participants of the forum include officials/representatives of provincial line agencies, development programmers of local branches of government agencies, policy makers/planning officers of local government units (LGUs), official/representative of non-government offices, and media/press people, among others.  (LTC/PIA-OrMin)

About the Author

Luis Cueto

Writer

Region 4B

Information Center Manager of Philippine Information Agency

Oriental Mindoro Information Center

Office Address:  Provincial Capitol Compound, Camilmil, Calapan City, Oriental Mindoro, PH 5200

Email Address: luis.cueto@pia.gov.ph

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