BAYOMBONG, Nueva Vizcaya (PIA) – The province of Nueva Vizcaya has posted a remarkable economic recovery from 2021 to 2023 based on the latest Economic Performance Report of the Philippine Statistics Authority (PSA) Region 2.
The economic growth is attributed to the implementation of various local and national interventions after the COVID-19 pandemic.
Engineer Jonem Gacad, assistant Provincial Planning and Development officer (PPDO), highlighted the role of the provincial government’s P1 billion loan secured through the Land Bank of the Philippines for the improvement of farm-to-market roads, which has significantly enhanced transportation and connectivity.
In addition to infrastructure, other key initiatives included measures to combat African Swine Fever (ASF), such as a repopulation program, and various livelihood assistance programs in collaboration with national agencies played a crucial role in the province’s impressive economic rebound.
“The reopening of our tourism industry post-COVID-19 has also been a significant factor in our economic recovery. Through strategic promotions of our local tourist attractions via social media, we’ve been able to draw both local and international visitors back to Nueva Vizcaya.” Gacad said.
Gacad also credited the continued operations of mining projects in the province—specifically, the OceanaGold Philippines, Inc. in Barangay Didipio, Kasibu, and the FCF Minerals Corporation in Barangay Runruno, Quezon. These projects have contributed substantially to the local economy, generating revenue through taxes such as the Real Property Tax and the province’s share of the National Wealth Tax.
“Our increased collection of local taxes has allowed the provincial government to fund critical infrastructure and social welfare programs, creating numerous jobs for residents, especially during the post-pandemic recovery phase,” she added.
Supporting these statements, the Philippine Statistics Authority (PSA) reported robust economic growth in Nueva Vizcaya from 2021 to 2023. Cholly Bayon, PSA Provincial Chief, noted that the province experienced a 13.1 percent growth in its Gross Domestic Product (GDP) from 2021 to 2022, followed by an 8.7 percent increase from 2022 to 2023.
“We can confidently say that our province has made significant strides in economic recovery, even amid the challenges posed by the COVID-19 pandemic,” Bayon remarked.
Bayon also highlighted the main industries driving the province’s economy. Services accounted for 42.4 percent, followed by Industry at 37.4 percent, and Agriculture, Forestry, and Fishing at 42.4 percent. Notably, the province’s top economic sectors, as reported in the Provincial Products Account, include Agriculture, Forestry and Fishing, Mining and Quarrying, Construction, Wholesale and Retail Trade (including the repair of motor vehicles and motorcycles), and Education.
In terms of GDP growth, Nueva Vizcaya ranked second in the region for 2023, with a growth rate of 8.7 percent, following Batanes, which led at 14.5 percent. Other provinces in the region, including Cagayan (7.2 percent), Isabela (4.62 percent), and Quirino (4.56 percent), also showed positive growth.
Nueva Vizcaya’s impressive recovery has earned it a place among the Top 10 Fastest-Growing Provinces in the country, alongside Batanes, Camiguin, Aklan, Ilocos Norte, Ilocos Sur, Eastern Samar, Guimaras, Catanduanes, and Romblon.
“Our challenge moving forward is sustaining this growth and continuing to foster economic activity in other sectors where we have untapped potential,” Bayon concluded.
As the province moves toward a brighter future, the collaboration between local and national governments, along with key industries, remains integral to ensuring that Nueva Vizcaya’s economic success endures for years to come. (OTB/BME/PIA Nueva Vizcaya)
