MARAWI CITY (PIA) — The Philippine Statistics Authority (PSA) underscored the critical role of Provincial Product Accounts (PPA) in providing local governments with a comprehensive understanding of their economic landscapes.
National Statistician and Civil Registrar General Claire Dennis S. Mapa emphasized in a video message that these estimates are invaluable tools for empowering local governments to track economic growth, identify challenges, and formulate data-driven strategies for inclusive development.
“This localized data can help us better understand the economic realities across the country, highlighting each area’s unique strengths and opportunities and supporting efforts toward balanced local economic growth,” Mapa said during the 2023 PPA Dissemination Forum in Lanao del Sur on December 5.
Echoing these sentiments, Akan G. Tula, Officer-in-Charge (OIC) Regional Director of the Philippine Statistics Authority (PSA) in the Bangsamoro region, highlighted that the PPA data not only serves as a vital tool for informed decision-making but also reflects the economic realities and potentials of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
He also emphasized the importance of continuously improving data collection and analysis methods to better understand the complex dynamics of the economy and ensure that development initiatives are responsive and effective.
PSA Lanao del Sur OIC Mohammadali R. Alonto explained that GDP measures the value of all final goods and services produced within an economy.
“Through PPA, the GDP of provinces and highly urbanized cities is compiled, providing valuable information for economic planners, policymakers, and stakeholders in assessing local economic performance, formulating policies, and conducting impact analysis for evidence-based decision-making,” he stated.
The PSA conducted the dissemination forum on the 2023 Provincial Product Accounts (PPA) for Lanao del Sur to share the province’s economic performance in 2023.
PSA officials reported that the economy of Lanao del Sur grew by 5.0 percent in 2023, emerging as the fastest-growing economy in the BARMM.
During the forum, Sayyed Almadinie Decampong, Population Program Officer of the Provincial Government of Lanao del Sur, confirmed that Lanao del Sur is a significant contributor to the overall economic performance of BARMM, alongside Maguindanao del Norte. He emphasized that the province’s positive economic growth has positioned it as a key driver of regional economic development. However, Decampong also recognized that the province continues to face challenges such as instability, security concerns, and limited rural infrastructure.
Despite these challenges, Decampong stated that the PPA data revealed significant potential for further economic growth, particularly in the agriculture and tourism sectors. He said that these sectors, coupled with concerted efforts to foster a business-friendly environment and attract investment, can play a crucial role in addressing the province’s challenges and ensuring more sustainable and inclusive economic growth for Lanao del Sur. (APB/PIA-10 Lanao del Sur)
