Official Publication of the Philippine Information Agency Bicol Regional Office, in cooperation with the RIAC-REDIRAS - RDC Bicol

Monday, August 1, 2016

Bicol posts highest economic growth in 2015

By Julius Embile

LEGAZPI CITY, August 1 (PIA) – For the fiscal year of 2015, Bicol region topped in terms of economic growth among the seventeen regions of the country, as it records its highest growth rate in terms of Gross Regional Domestic Product (GRDP), according to the Philippine Statistics Authority (PSA).

In a news conference on the 2015 Report on the Regional Economy of the Bicol Region, held in Legazpi City last July 28, PSA-Bicol’s regional director Cynthia Perdiz presented the data showing the region’s increased economic growth to 8.4 percent in 2016. This, as per PSA, is an estimated double compared the growth pace of 2014, which is 4.3 percent.

Bicol is followed in ranking by Western Visayas and Davao Region, which grew respectively by 8.3 percent and 7.9 percent from 2014 to 2015. Including the aforementioned, a total of six regions in the country exhibited well-developed economic growths.

Aside from having the highest growth rate, Bicol also exhibited the biggest acceleration at 4.1 percentage points, On the other hand, NCR still retains the largest share of the Philippine’s Gross Domestic Product (GDP) at 36.5 percent.

According to National Economic Development Authority (NEDA) Bicol regional director Agnes Espinas, ‘services’ contributed the biggest share of the region’s economy with 56.1 percent, while the ‘industry’ share of 22.5 percent in 2015 improved by 2.8 percent in comparison to that of 2014.

Director Espinas also credits the Bicol’s improving economic status to the continuing inter-agency efforts in the region, siting the programs of the Department of Social Welfare and Development (DSWD) as an example in the contribution to the economic growth. (MAL/JBE/PIA5)

- See more at: http://news.pia.gov.ph/article/view/3301470098486/bicol-posts-highest-economic-growth-in-2015#sthash.v9hp8sRC.dpuf

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