The Bangsamoro Region’s Gross Domestic Product (GRDP) has increased by 9.4 percent, from 1.9 percent to 7.5 percent, in the 2019-2020 and 2020-2021 reference periods, according to reports released by the Philippine Statistics Authority on Friday.
Chief Minister Al Hadj Murad Ibrahim of the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) noted that the region has the second fastest growing economy among Philippine regions, placing between Calabarzon (Cavite-Laguna-Rizal-Quezon) 7.5 percent and the Cordillera Autonomous Region (CAR) with 7.6 percent.
Information and Communication in BARMM’s services sector was also up by 15.9 percent during the same period.
Figures of direct impact and social relevance also have increased in terms of improved real estate and dwelling ownership among BARMM residents within the reference periods of 2019-2020 and 2020-2021.
At the onset of organizing the BARMM government, Ibrahim created Kapianan, a project management office (PMO) under his supervision in implementing massive housing projects in erstwhile areas of conflict.
The Philippine Statistics Authority (PSA) also released on Friday its latest reports on GRDP and Gross Regional Expenditures (GRDE), showing BARMM’s economy had a hefty increase from -1.9 percent in 2020 to 7.5 percent in 2021.
Akang Tula, acting regional director of the PSA in BARMM said: “It (GRDP) covers the value of goods and services produced in the region during the reference period.”
PSA defines GRDP as a tool to monitor the economic performance of a region.
In 2021, BARMM’s per capita GRDP/GRDE was estimated at P54,535 pesos, which increased by 5.4 percent from the previous year’s record of P51,758.
Tula said BARMM was predominantly services-based, with 38.9 percent share in the overall increment, followed by agriculture, forestry and fishing at 36.4 percent share and Industry with 24 percent share.
The services sector, including (wholesale and retail) trade; repair of motorcycles and vehicles, shared a total of 2.5 percent of the growth, from -5.3 percent to +2.5 percent in the reference periods of 2019-2020 and 2020-2021, the PSA report said.
Accommodation and food service activities also increased from -48.1 percent (2019-2020) to 17.9 percent (2020-2021), Financial and Insurance activities increased to 10.6 percent from -14.9% in the reference periods of 2019-2020 and 2020-2021.
Professional and business services have been uptrend from -4.7 percent to 8.0 percent in the reference periods of 2019-2020 and 2020-2021.
Public administration and defense, compulsory social activities 6.9 percent from 3.5 percent to 6.9 percent also in the reference periods of 2019-2020 and 2020-2021.
Education increased to 8.0 percent from -4.7 percent in the reference periods of 2019-2020 and 2020-2021. Human health and social work activities have improved to 22.2 percent from 10.4 percent in the RP of 2019-2020 and 2020-2021.
Other Services climbed from -54.2 percent in 2019-2020 to 4.6 percent in 2020-2021. Mining and quarrying, 20.2 percent, up from -54.4 percent in 2019-2020 to 20.2 percent in 2020-2021. Manufacturing rose 8.1 percent from 0.3 percent in 2019-2020 to 2020-2021, Construction 12.2 percent from -37.3 percent (2019-2020) to 12.2 percent (2020-2021).
GRDE is defined as the expenditure of residents of the region in the domestic territory plus their expenditures in other regions including the rest of the world, Tula said.
The Expenditure of BARMM increased from -1.9 in 2019-2020 to 7.5 percent in 2020-2021, at constant 2018 prices, he said.
Household Final Consumption Expenditure (HFCE) has the highest share of expenditure items to the improved regional economy of BARMM with 111.1% followed by Government Final Consumption Expenditure (GFCE) with 37.9 percent.
Gross Capital Formation with 16.9 percent, net exports worldwide with 11.8 percent and net exports domestically at 64.6 percent.
The PSA reports outlined BARMM GRDE growth rates by major industry at constant 2018 price levels.
Gross Capital Formation (GCF) increased from -50.1 percent (2019-2020) to 93.9 percent (2020-2021).
Revenues from the construction industry is also up 13.2 percent from -41.2 percent (2019-2020) to 13.2 percent (2020-2021).
Sales on durable equipment increased to 0.4 percent. Also breeding stocks and orchard development gained 28.6 percent increase and intellectual property products 11.4 percent.
Valuables are up by 12.7 to 8.9 percent from -8.7 percent in 2019-2020 to 0.4 percent in 2020-2021. Household Final Consumption Expenditure (HFCE) is up from -6.5 percent in 2019-2020 to 3.4 percent in 2020-2021.
Government Final Consumption Expenditure (GFCE) rose from 11.3 percent (2019-2020) to 12.6 percent (2020-2021).
The region has had -7.4 percent exports of goods to the “rest of the world.”