BARMM economy posts 6.6% growth in 2022

COTABATO CITY — The Bangsamoro region's economy grew at a 6.6% rate in 2022 and reported the tenth-fastest economic growth among all 17 regions in the Philippines, according to the Philippine Statistics Authority (PSA-BARMM).

PSA-BARMM Regional Director Engr. Akan Tula reported that agriculture, hunting, forestry, and fishing increased to 3.5%, industry increased to 6.1%, and the services sector increased to 9.8%.

Tula said, though slower than the previous year's 7.5% growth rate, the 6.6% in 2022 still indicates good economic performance in the region.

“This means that in 2022, BARMM's per capita household final consumption expenditure was estimated at P56,970.00, higher by 4.5% than the previous year's level, which was estimated at P54,528.00,” he said.

Indicating robustness and resiliency, the economic performance of BARMM is based on the final estimation of the gross regional domestic product (GRDP) and gross regional domestic expenditure (GRDE) for 2022.

The GRDP is the aggregate of gross value added of all resident producer units under the AFF, industry, and service sectors in the region, while the GRDE is the expenditure of residents of the region in the domestic territory plus their expenditure in other regions, including the rest of the world.

PSA Undersecretary Claire Dennis Mapa emphasized that the goal of the GRDP and GRDE is to provide policymakers and stakeholders with a comprehensive picture of the regional economies, which will serve as an important tool for planning and policy formulation at the regional level.

“This GRDP and GRDE are major, important indicators that will bring change to the lives of our countrymen through their impact on the results of plans and policies that might be crafted from these indicators,” Mapa said.

Director Melanie Indar, of the Bangsamoro Planning and Development Authority, said that although growth has slowed down, BARMM’s economy is still on track for robust growth. “Despite this setback, BARMM has emerged as the 10th fastest-growing region in the country, which is a remarkable achievement and a testament to the region’s resilience and hard work,” she said. (Mindanao Examiner)