DAVAO CITY—The Davao region continues to be Mindanao’s top economic performer, with its Gross Regional Domestic Product growing by 9.4 percent, surpassing the national average of 6.9 percent.
Ruben Abaro, Philippine Statistics Authority Region 11 Director, announced this Thursday during a press conference at the Royal Mandaya Hotel here.
Abaro said this places Davao Region third in the country in terms of accelerated growth last year.
Eastern Visayas recorded the fastest growth at 12.4 percent, followed by Central Luzon at 9.5 percent.
Abaro noted that Davao Region experienced an upward trend in the last three years, with a growth rate of 8.2 percent in both 2014 and 2015 to 9.4 percent in 2016.
Abaro said the region’s performance surpassed the country’s economic growth, which accelerated from 6.1 percent in 2015 to 6.9 percent in 2016.
In terms of value, Abaro said the region’s economy grew from P281.3 billion in 2014, P304.4 billion in 2015, and P333 billion in 2016.
The region’s economy last year was driven by the industry sector, which grew to 16.5 percent in 2016 from 12.2 percent and services with a sustained growth of 7.5 percent.
Agriculture declined from 1.4 percent to minus-1.3 percent due to “huge damage” owing to the onslaught of El Niño on local crops in 2015.
Abaro said the service sector continued to account for the biggest share to the region’s economy because of the good performance of financial intermediation, trade, public administration and defense.
National Economic Development Authority Regional Director Ma. Lourdes Lim is bullish the region will either achieve the same growth rate or hit double-digit growth next year.
Lim is counting on the national government’s massive infrastructure development in the region, which will spur spending in big-ticket projects.
She said Davao City will get its share of the infrastructure program through the Davao City Bypass Road Coastal Road project, the Davao Food Terminal and the Digos-Davao City-Tagum segment of the Mindanao Railway System.
The Neda director also cited the recently launched Davao-General Santos-Bitung Roll-on Roll-off route.