The Cordillera’s economy grew by 7.5 percent in 2021, the Philippine Statistics Authority said.
In her report on Cordillera’s economic performance, PSA-Cordillera Director Villafe Alibuyog said the region “placed third nationwide in terms of economic growth”.
She said from a -10.2 percent growth rate from 2019 to 2020, the region performed better from 2020 to 2021 with a 7.5 percent increase.
In 2021, the Cordillera logged a Gross Regional Domestic Product equivalent to P310 billion, which is a leap from the P288B recorded in 2020.
In 2019, she said the region posted a positive GRDP of 4.4 percent before the slump as a result of the Covid-19 pandemic.
She cited the three growth areas, which included construction at 17.2 percent, manufacturing at 17.1 percent, and mining at 14.1 percent.
While positive growth was recorded in 2021, Alibuyog said the Cordillera still has to do better to recoup the economic condition it had before the pandemic struck.
“Cordillera needs 3.6 percent more next year to break even,” she said.
She said final household spending, final government expenditure, and export largely contributed to the region’s positive economic performance.
Noel Neil Malimban, regional director of the Bangko Sentral ng Pilipinas Northern Luzon, said one proof of the economic growth is the increase in the number of banks operating in the region, which is from 200 in 2020 to 202 in 2021.
As of September 2021, he said the overall credit conditions provided ample support to economic activity as bank lending in the region grew by 8.1 percent with a lending portfolio of P20.2B.
He added deposits posted a 10.4 percent increment from P132.2B in 2020 to P145.9B in 2021.
National Economic Development Authority-Cordillera Director Susan Sumbeling, in a statement during the event, also reported the government’s economic stimulus packages like the Tupad program of the Department of Labor and Employment provided about 65,000 individuals with temporary jobs.
She added the Land Transportation Franchising and Regulatory Board’s service contracting benefited 281 drivers who provided free rides to 838,744 authorized persons outside their residence.
The Department of Tourism also reported economic stimulus packages were also provided to members of the sector.
“Most of the establishments have resumed operation and have reinstated their employees to their jobs,” she said. – PNA