DAVAO CITY (MindaNews / 6 December)—The province of Davao Oriental has the fastest-growing economy in the Davao Region, attaining a 12.3-percent growth, the Philippine Statistics Authority-Davao Region (PSA-Davao) reported.
Randolph Anthony Gales, regional director of the Philippine Statistics Authority-Region 11 (PSA-Davao), said in a virtual presser Monday morning that the growth can be attributed to industries such as wholesale and retail trade and repair of motor vehicles and motorcycles, valued at 5.6 percentage points; agriculture, forestry, and fishing with 2.0 percentage points; and construction with 1.5 percentage points.
The PSA-Davao reported that the province is estimated at P55.45-billion worth of economy in 2022 or 5.8 percent of the Davao Region’s gross regional domestic product (GRDP), which is higher than the P49.39 billion in 2021.
The agency said that the province is the fastest-growing economy in Davao Region in terms of major industries, with services increasing at 13.8 percent from 2021 to 2022 at constant 2018 prices; other industries at 12.6 percent; and agriculture, forestry, and fishing at 8.2 percent.
The province contributed 9 percent to the region’s agriculture, forestry, and fishing industry GRDP output; 5.9 percent to the services industry output; and 3.5 percent to other industries’ output.
In 2022, Davao Region’s economy is estimated at P954.1 billion, which grew by 8.1 percent from P882.2 billion in 2021.
Out of the 8.1 percent GRDP growth, Davao City contributed 4.8 percentage points, followed by Davao del Norte at 3.2 percent, Davao del Sur with 0.8 percent, Davao Oriental with 0.7 percent, Davao de Oro with 0.6 percent, and 0.3 percent for Davao Occidental.
Meanwhile, Davao City’s per capita gross domestic product (GDP) is estimated at P258,811 in 2022, which is higher than the regional average of P175,013.
The remaining provinces had lower than the regional per capita GDP average—with Davao del Norte at P157,582; Davao del Sur at P144,171; Davao de Oro at P118,300; Davao Occidental at P109,359; and Davao Oriental at P90,189.
It can be noted that the National Economic Development Authority’s office in the Davao Region forecast a “positive outlook” for 2023, as there are ongoing talks involving “big-ticket infrastructure projects” in the region. (Ian Carl Espinosa / MindaNews)
