PANAON, Misamis Occidental (PIA)--The Philippine Statistics Authority (PSA) held its data dissemination forum on the 2018-2020 Provincial Product Accounts (PPA) for the province of Misamis Occidental at Alona’s Summer Breeze Resort Hotel in Panaon which includes the province's Gross Domestic Product (GDP), as well as the economic performance of the province in the years 2018, 2019 and 2020.
PSA Misamis Occidental Chief Statistical Specialist Maria Liza M. Bigornia said the economy of Misamis Occidental declined in 2020 by 6.2 percent, a turnaround from the recorded growth of 5.6 percent in 2019.
“The contraction of the economy of the province in 2020 was mainly attributed to the declines in services and agriculture, forestry and fishing by 8.4 percent and 0.4 percent, respectively. On the other hand, Industry expanded in 2020 by 1.5 percent," Bigornia said.
Services accounted for the largest average share of 74.5 percent of the total economy of the province. Industries that contributed most to the growth of services in 2019 were wholesale and retail trade, repair and motor vehicles and motorcycles which grew by 5.3 percent; public administration and defense; compulsory social activities with growth of 25.2 percent, and education, posting 16.5 percent growth.
Meanwhile, in 2020, main drivers in decline were wholesale and retail trade, repair of motor vehicles and motorcycles at 5.8 percent; transportation and storage, at -62.7 percent; and public administration and defense; compulsory social activities at -17.8 percent.
Agriculture, forestry and fishing followed services with a three-year average share of 13.0 percent.
In addition, Industry shares at 12.5 percent to the total economy of the province. Construction has the biggest share, followed by manufacturing and electricity, steam, water and waste management, at 6.7 percent, 3.6 percent, and 2.1 percent respectively.
Mining and quarrying in the province has the lowest share in the sector with a three-year average share of 0.1 percent. The main drivers of growth in industry in 2020 were manufacturing with a recorded growth of 10.0 percent and electricity, steam, water and waste management with an increase of 16.0 percent.
Of the 5.6 percent economic growth of orthern Mindanao for 2019, the province of Misamis Occidental contributed 0.7 percentage point, ranking fourth among the provinces and HUCs in the region. Meanwhile in 2020, Misamis Occidental has a 0.8 percentage point contribution to the 5.2 percent decline in the regional economy.
In terms of share to the regional economy, Misamis Occidental is the fourth biggest provincial economy in northern Mindanao with an average share of 13.1 percent. Despite contraction in the economy in 2020, some industries grew, including electricity, steam, water and waste management at 16.0 percent, manufacturing at 10.5 percent, and financial and insurance activities at 10.1 percent.
PSA Supervising Statistical Specialist Brenda Lynn Castro said, “It is really a necessity for the Provincial Product Accounts (PPA) compilation to be successful to have that data support from our partners because PSA cannot do without the data support from various data providers such as the Local Government Units (LGU),” she said.
Provincial Planning and Development Coordinator EnP. William Valles, Jr. shares that the PPA is a mechanism to complete the GDP at the subregional level and complement the GDP at the national and regional level. This PPA is viewed as a means to measure the economic performance at the provincial level and to monitor economic development or progress.
“Furthermore, the compilation of PPA will help strengthen the planning and decision making of provincial policymakers and stakeholders in crafting more informed economic policies,” he added. (SMRN/PIA-10/Misamis Occidental)