The region’s economy accelerated to 2.7 per cent in 2016. This was higher that the growth rate of 2.0 per cent in 2015. The performance of MIMAROPA’s economy was attributed to the improved growth of services and industry sectors.
Services kept MIMAROPA’s economy afloat and remained to be the largest contributor to the region’s economy. Services grew the fastest in 2016 at 8.0 per cent. This is higher than the 7.4 per cent growth in the previous year. Three of the sub-industries under services registered accelerated growth in 2016. This includes financial intermediation, public administration and defense, compulsory social security, and real estate, renting and business.
Industry rebounded to 2.3 per cent in 2016 from negative 4.9 per cent in 2015. The upturn in growth rate was due to the increased growth of all its sub-industries such as electricity, gas, and water supply, manufacturing and construction.
On the other hand, agriculture, hunting, forestry, and fishing contracted to negative 6.8 per cent in 2016 from a growth of 2.8 per cent in 2015. The reversal in growth was due to the decline of its sub-industries namely, agriculture and forestry and fishing.
NEDA MIMAROPA OIC Regional Director Susan A. Sumbeling emphasized that the region needs to nurture entrepreneurship and attract investors to produce higher-paying, higher quality jobs in all provinces of MIMAROPA, and ensure that the region’s sectors are resilient and diversified in both products and markets. She also encouraged everyone to collectively work towards attaining inclusive and sustainable growth, leaving no one behind – one that enables every family to enjoy a “matatag, maginhawa at panatag na buhay”.