Another featured article issued in BusinessWorld last April 27, 2018 refers to the regional share in Gross Domestic Product for 2017.
In 2017 the economy of the Cordillera Administrative Region (CAR) had the fastest growth among the 17 regions with 12.1% growth rate from 2.3% in 2016. The preliminary results from the Philippine Statistics Authority (PSA) showed that CAR outpaced the NCR growth of 6.1% and even surpassed the national growth rate of 6.7%. Nevertheless, the NCR or Metro Manila still remained the biggest contributor in the country’s economic output with a lion share of 36.4%, followed by Region IV-A CALABARZON 16.8%, and the Central Luzon Region or Region III with 9.7%, the areas where the country’s biggest firms and industrial zones are located.
Aside from CAR, seven other regions exceeded the national average growth rate, namely Davao Region (10.9%); Central Luzon (9.3%); Western Visayas (8.4%); SOCCSKSARGEN (8.2%); Autonomous Region In Muslim Mindanao (ARMM, 7.3%); Cagayan Valley (7.2%); and Calabarzon (6.7%).
Ironically, Eastern Visayas, which was the fastest growing region with 12% in 2016 had the slowest growth recorded in 2017 at 1.8%. The other eight regions that had below-average growth include Zamboanga Peninsula (2.3%); CARAGA (4.3%); Bicol Region (5.1%); Central Visayas (5.1%); Ilocos Region (5.8%); Northern Mindanao (5.9%); NCR (6.1%); and MIMAROPA (6.2%).