CAMIGUIN – Camiguin province in northern Mindanao is the region's third "fastest-growing economy" with an impressive 8% accelerated growth in 2022, the Philippine Statistics Authority (PSA) said.
The provincial economy's growth surpassed the
previous year's 4.7%, resulting in a gross domestic product (GDP) of P11.10
billion, exceeding the pre-pandemic figure of P11.08 billion, said PSA Camiguin
Chief Statistical Specialist Francisco Galagar Jr.
“Through the PPA, the GDP of the provinces and
HUCs, or highly urbanized cities, is compiled, in which statistics would guide
our stakeholders for evidence-based policies, programs, and projects,
especially at the local level," Galagar said, emphasizing the significance
of the PPA in compiling the GDP using a production approach at the sub-regional
level.
He further added that the accelerated economic
growth was attributed to the 13.1% growth in services, outpacing the 3.4%
recorded in the previous year. However, the industry sector slowed its growth
to 4%, and agriculture, forestry, and fishing posted a contraction of 4.5%.
The top contributors to economic growth included
accommodation and food service activities, wholesale and retail trade, and
transportation and storage. The fastest-growing industries were transportation
and storage, accommodation and food service activities, and information and
communication, Galagar explained.
He said services account for 60.2% of the
provincial economy in Camiguin, which is its main economic sector. The industry
sector follows with a 26.7% share, while agriculture, forestry, and fishing
share 13.1%. The per capita GDP increased by 7.2% in 2022, reaching
P118,402, compared to P110,405 in 2021.
Galagar said Camiguin outpaced the regional
economic growth of 7.2%, adding that the province accounted for the least share
(1.2%) of the Gross Regional Domestic Product of Region 10.
Comparing industries, Camiguin posted declines in
agriculture, forestry, and fishing, growing slower than the average regional
growth in industry and registering the fastest growth in services. In per
capita GDP, the province exhibited lower figures than the regional average but
recorded the third-highest increase in per capita GDP.
Elaborating on the numbers that the province has
achieved, Benjohn Amora, Mambajao municipal planning and development
coordinator, highlighted local initiatives to support tourism, digitize
business permits, upgrade the local government's website, and improve and
rehabilitate tourist destinations.
He said Mambajao has also implemented programs
supporting farmers and fisherfolk and revisited tax incentive
policies. “In 2020, we gave the establishments enough time to settle their
taxes and obligations, kay mao man tong pag-start nila balik og operations sa
business. Based on our local records, the highest revenue is from the services
that support tourism," Amora added.
The PPA Dissemination Forum not only underscored
Camiguin's economic success but also provided a roadmap for evidence-based
policies and programs, ensuring continued progress and resilience in the face
of dynamic economic challenges. (Recthie Paculba)
