Home Top News and Stories Philippines News Headline PSA: CAR records P289.9B GRDP in 2020

PSA: CAR records P289.9B GRDP in 2020

0
   

PSA: CAR records P289.9B GRDP in 2020

PSA – CAR Regional Director Villafe Alibuyog leads other members of the Regional Statistical Committeee in  presenting the economic performance of Cordillera in 2020 that was burdened by the COVID – 19 pandemic. (CCD/PIA CAR)

BAGUIO CITY, April 29 (PIA) – – The Cordillera Administrative Region recorded  around P289.9 Billion in Gross Regional Domestic Product(GRDP) for fiscal year 2020, down by 9.9 percent  compared to 2019.

The GRDP measures the economic performance of the region and shows the value of goods and services produced in the region.

Philippine Statistics Authority (PSA – CAR) Regional Director Villafe Alibuyog, in presenting the Cordillera GRDP in a Kapihan media forum here, reported that Cordillera economy was on the upward trend from 2016 to 2019 but the Coronavirus (COVID-19) pandemic that started last year caused the GRDP to contract by 9.9 percent or from the P321.7 Billion in 2019 to P289.9 Billion in 2020.

The Services Sector contributed around 191.33 Billion (66 percent), the Industry Sector around P69.58 B(24 %) while Agriculture, Forestry and Fishing contributed around P29B(10%).

Alibuyog said that the most affected and top contributors to the decline of the regional economy are the accommodation and food service industry, manufacturing, real estate and ownership of dwelling, trade and other services.

Most industries in Cordillera showed negative growth except information and communication, financial and insurance activities, and human health and social work activities, she added.

National Economic and Development Authority (NEDA – CAR) OIC Regional Director Stephanie Christiansen, in her response statement, outlined that the unprecedented crisis of the COVID – 19 pandemic brought with it the realization that apart from economic growth, health and well – being are just as important or even more important.

“Let us not be disheartened with the earlier pronouncement that our economy slide back to our 2019 growth level and that we need to grow by an ambitious 11 percent to break even in 2021. What we perhaps need to do is to refocus on what sectors or industries we need to support to recover that in return will help the regional economy bounce back better. We have to be strategic in our recovery efforts in 2021 and beyond”, Christiansen stressed.

Christiansen shared that to contribute to the national recovery program, NEDA – CAR has activated the five task groups of the Regional Recovery Cluster under the Regional Task Force COVID – 19, which focuses on economic recovery, social recovery, governance, transport support and local travel and food resiliency.

NEDA – CAR also   spearheaded a virtual orientation and dialogue on the updated Philippine Development Plan 2017 – 2022 where major policies and strategies were enhanced to respond to the development challenges brought by COVID – 19.

Christiansen enjoined the public, the business sector, the private sector and civil society for their cooperation and involvement   in restarting socio-economic activities while   preventing the spread of the COVID-19.(JDP/CCD-PIA CAR)