SANTA CRUZ, Laguna (PIA) – Micro, small, and medium enterprises (MSMEs) and multinational corporations are the main drivers of economic progress in the province of Laguna, as the province was recognized for having the largest share of the national Gross Domestic Product (GDP).

In the 2022 Provincial Product Accounts (PPA) data released by the Philippine Statistics Authority (PSA) on Feb. 19, Laguna accounted for the largest share among the 82 provinces in the country with P990 billion value in the 2022 GDP, which accounts for the 5 percent share of the national GDP.

During the Laguna Business Stakeholders Convention and Innovation Summit held at the Cultural Center of Laguna, Sta. Cruz on March 15, Senators Imee Marcos and Mark Villar and local leaders headed by Governor Ramil Hernandez and Vice Governor Karen Agapay showed their appreciation for the contribution of businesses and affirmed their commitment to support the business sector.

Senator Imee Marcos recognized the contribution of the private sector who remained strong and optimistic after the COVID-19 pandemic, and called on everyone to help the local businesses in regaining their losses.

The senator, who chairs the Cooperatives Committee in the Senate, stressed the importance of collaboration to make the most out of the economic successes that Laguna has achieved.

“We see that all our businesses, whether huge multinational corporations that have seen fit to locate in Laguna, whether these are small and micro enterprises, all of you form the bedrock of the Philippine economy -- driving growth, creating employment, and fostering innovation,” she added.

Senate Committee on Trade, Commerce and Entrepreneurship chairperson Senator Mark Villar, meanwhile, said that it is his priority to ensure that more support will be given to MSMEs, as he led the institutionalization of the One Town, One Product (OTOP) Philippines as the government's stimulus program for MSMEs to drive inclusive local economic growth.

Villar explained: “We believe that we should support our entrepreneurs to foster a more progressive economy…You could expect that we will continue to support our business community and that we will continue to pass laws and give financial support to our local government to make sure that businesses and industries will be successful.”

House Chairperson of the Special Committee on Southern Tagalog Development and Laguna 2nd District Rep. Ruth Mariano Hernandez is optimistic that the continued collaboration between local governments and business partners bears a positive return to the people of Laguna.

“The future looks more promising as we continue to register steady growth rates. We could not have placed Laguna in this position without the strong collaboration between our local governments and business partners. Your contribution to job creation and wealth generation are essential in shaping our local economy into a robust and vibrant one,” Mariano-Hernandez said.

The private sector views all of the efforts made by national and local leaders as beneficial, not just for their businesses, but also to welcome more tourists and investors that will visit the province.

Dr. Cynthia Mamon, president of the Laguna Tourism Council, supports the approach of provincial leaders in involving the different sectors in Laguna for all of its programs and directives.

“We’re number one. The challenge is to continue to be number 1. We cannot rest on our laurels anymore. We have to continue to sustain what we have been doing through the very competent and hardworking leadership of our governor and congresswoman.”

The provincial government of Laguna has affirmed that it will continue to spend the taxes generated from the businesses diligently and shall bring positive change through its inclusive and sustainable social programs. (CH/PIA-Laguna)