All The WOW News in Cordillera

Thursday, April 26, 2018

Cordillera records fastest economic growth in 2017 according to PSA

Baguio City - The Cordillera Administrative Region (CAR) has recorded the fastest among the 17 Philippines region in 2017 in terms of economic growth, the Philippine Statistic Authority (PSA) said. 

According to a data from the PSA, CAR showed a growth of 12.1 percent last year in terms of economic expansion. 

Main contributor of the positive growth are the provinces of Abra, Apayao, Benguet, Kalinga, Ifugao, Mountain Province including Baguio City. 

In a news published by BusinessWorld on Friday, it says the CAR's growing economy last year was lifted by the industry sector which is the region's main source of revenue output accounting for 52.1% of its gross regional domestic product (GRDP). 

Another driver to the growth last year was the infrastructure development, according the Union Bank of the Philippines chief economist Ruben Carlo O. Asuncion.

"Current trends indicate that real estate developments are growing in non-traditional economic centers," Asuncion said. 

Asuncion also added that CAR and Central Luzon are host of recent game-changing infrastructure projects like the SCTEX (Subic-Clark-Tarlac Expressway), NLEX(North Luzon Expressway), and TPLEX (Tarlac-Pangasinan-La Union Expressway), which he believes have direct impact on local economies.

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