CAGAYAN DE ORO CITY, Philippines - The region’s economy logged a 5.9
percent growth rate in 2017, the Philippine Statistics Authority (PSA) reported on Thursday.
The expansion was at a pace slower than in 2016 on drags from construction and trade
subsectors, offsetting gains in agriculture, electricity, gas and water supply (EGW), and
transport, communication and storage (TCS) sub-sectors, among others.
PSA-X Regional Director Ronaldo C. Taghap said that the services sector contributed 2.8
percentage points to the total Gross Regional Domestic Product (GRDP) growth; industry sector,
2.1 percentage points; and agriculture sector, 1.0 percentage point.
The services sector remained as the biggest contributor to the GRDP, accounting for 43.4
percent of the region’s total output worth 323 billion pesos at constant 2000 prices.
For his part, NEDA-X Director Leon M. Dacanay, Jr. said that the slowdown was expected in a
post-election year even as growth was well within the target range of 5.1-6.7 percent for 2017.
He noted, however, that the steep decline in trade (from 10.4 percent growth in 2016 to 5.9
percent growth in 2017) may have been flatter, or growth may have picked-up, given trade and
customs data from official sources showing substantial increases.
He also made reservations on the steep decline in the construction sub-sector citing huge
private investments in infrastructure and related activities as monitored by the Department of
Trade and Industry (DTI-X).
Director Dacanay requested the PSA to review the estimates for these sub-sectors to have a
firmer assessment of the region’s economic performance.
“Nevertheless, I must say again that the region is on track in meeting its growth targets. We
look forward to a more bullish year as we move to hit our 2018 target band of 5.5-7.1 percent,
and shift to a higher growth trajectory”, he said. (Richardson T. Cua/NEDA-X).
Proudly Davaoeño and fastest-growing oil company, Phoenix Petroleum, powers the 33rd Kadayawan sa Dabaw through exciting activities and event participations. Quench your thirst for fun and adventure with the 10th leg of NAsFOR-Maxxis 4×4 Cup: Extreme Off-Road Challenge―fueled by Phoenix...