TAGBILARAN CITY, Bohol (PIA) – The accommodation, food services, transportation, construction, and storage industries are among the industries that enjoyed double figure growth in the province in 2022.
This was disclosed by a representative of the Philippine Statistics Authority (PSA) in arecent forum held here.
Food services, accommodation, and other services now make up 74 percent of the local economy, fueled by the booming tourism in the province.
Bohol logged a 7.1 percent growth rate for its Gross Domestic Product (GDP) in 2022, higher than the 4.4 percent growth rate in 2021 which earned for Bohol an estimated P159.82 billion.
The surge this year is a big jump from 2000, which showed a negative 6.3 percent GDP with the pandemic affecting the local economic activities.
Bohol’s decision to open its economy, which is now dominated by services in the tourism industry, did not fail as the transportation and storage industries grew by 47.6 percent.
The easy installment plans for motorcycles and motor vehicles amid the limited public transportation system has bolstered the repair for motorcycles and motor vehicles sector.
This, combined with wholesale and retail trade, makes up for 33 percent of the local economy.
Industry-wise, the growth in wholesale and retail as well as motorcycles and motor vehicles repair, financial and insurance activities, agriculture, forestry, and fishing propelled Bohol’s economic recovery streak.
Jessamyne Anne Alcazaren of PSA Bohol showed that among the industries, construction, which has a 7 percent share of the economy, had a dismal performance despite a 25.5 percent growth rate.
Mining and quarrying posted a 9.7 percent growth rate, but it is less than 1 percent of the local economy.
Manufacturing industry also posted a 5.2 percent growth rate while it sits on a 5.9 percent share of the economy.
Electricity, steam, water, and waste management registered a 0.6 percent growth rate and is less than 1 percent of the local economy.
With an estimated P171.09 billion economy, Bohol remains to be the third largest economy in Region 7, according to the PSA.
Agriculture, forestry, and fishing are still at the tail-end of the industry growth rates in Bohol.
Agriculture only has an 11.7 percent share in the provincial economy.
According to PSA, except for Bohol’s banner industry in the late 60s, agriculture, forestry, and fishing still could not cope up with the soaring accommodation and food service activities industry, which enjoyed a spectacular 53.6% growth rate from 2021 to 2022. (RAHC/PIA7 Bohol)
