BAGUIO CITY, Aug. 1 (PNA) — The 5.4 percent growth rate of the Cordillera Region in 2013 slid down 3.2 percent in 2014 but is still positive in terms of monetary value considering the Gross Regional Domestic Product of about Php 128.577 billion.
Philippine Statistics Authority (PSA) Interim Regional Director Olivia Gulla, in a press conference on Thursday, July 30 explained that the deceleration in the region’s economic growth was due to the slowdown in some sub-sectors in the Industry and services sectors, as well as the decline in agriculture, hunting, forestry and fishing (AHFF) which recorded a negative growth of 0.5 percent.
Data shows the industry sector’s growth slowed down from the 4.1 percent in 2013, to 2.7 percent in 2014.
The services sector, from the 8.4 percent growth in 2013, down to 4.8 percent in 2014.
Comparing Cordillera’s 2014 economic performance with the national scenario, the region ranked 15th among 17 regions in terms of growth percentage but ranked third, after National Capital Region (NCR) and Region IV-A (CALABARZON).
National Economic Development Authority (NEDA) Cordillera Assistant Regional Director, Dr. Jedidia Aquino, confirmed that the 3.2 percent growth is a good performance for the region, given the concern in the AHFF sector and the slowdown in the economic sub-sectors of manufacturing, electronic, finance and Real Estate, Renting and Business Activities (RERBA).
Aquino pointed-out the need to revive the region’s agricultural sector, especially with the challenges that ASEAN integration wherein agricultural products from ASEAN member countries are expected to come in and compete with locally produce agri-products.
“The region needs to focus on the competitive agricultural products like bamboo, coffee, heirloom rice, semi-temperate vegetables, strawberries and cutflower,” Aquino said.“We also need to look into the adverse effect of climate change in the region’s agriculture industry,” Aquino added. (PNA)