The Philippine Statistics Authority (PSA) 4-B released the 2014 estimated gross regional domestic product (GRDP) during a press conference held on 30 July at Tamaraw Hall, Provincial Capitol Complex in Calapan City.
The highlights of the GRDP were presented by PSA 4-B Interim Regional Director Leni R. Rioflorido. The results showed that MIMAROPA’s economy grew by 6.5 per cent. The GRDP growth rate in 2013 was 1.3 per cent. The region’s growth rate is higher than the 2014 national gross domestic product (GDP).
The acceleration duw to recovery in industry and agriculture is indeed a remarkable improvement. Agriculture, hunting, forestry, and fishing (AHFF) regained from negative 3.0 in 2013 to positive 2.1 per cent in 2014. Industry sector has recovered well with 12.2 per cent growth rate. On the other hand, services sector decelerated to 4.6 per cent from 7.2 per cent in the previous year.
Atty. Romeo C. Escandor, NEDA 4-B Regional Director said that the region was able to meet the target of 5.2 per cent growth for 2016 in the regional development plan (RDP).