Ilocos Region ranks 5th in terms of GRDP in 2016

  • May 15, 2017
  • JOANNA DIAZ SABADO

SAN FERNANDO CITY, May 15 (PIA) – Ilocos Region posted a 3 percent increase in Gross Regional Domestic Product (GRDP) from 5.4 percent in 2015 to 8.4 percent in 2016, making the region the fifth fastest growing economy nationwide.

This was reported by Director Socrates Ramores of the Philippine Statistics Authority-Region 1 during the simultaneous news conference in all 17 regions recently.

 “Our region’s economy in 2016 was above the national target of 6.9 percent economic growth,” Ramores said.

On the 8.4 percent growth rate in the region last year, the industry sector contributed largest at 4.7 percentage point while the services sector is at 4.1 percentage point and the agriculture, forestry and fishing sector registered a negative 0.4 percentage point.

The GRDP or the regional economy is the total production of goods and services in the domestic territory of the region.

“The 8.4 percent is the highest growth rate attained within the medium-term of the Philippine Development Plan 2011 to 2016 and within the Regional Development Plan target of 8.2 to 9.2 percent,” Regional Director Nestor Rillon of the National Economic and Development Authority- Region 1 said.

Rillon added, “The exceptional growth of the industry sector and the accelerated growth of the service sector fueled the robust performance of our economy indicating the great potentials of the sectors as drivers for the economic growth amidst a weak performance of the agriculture sector which is vulnerable to the changes in the region”.

Employment rate in the region also improved from 92 percent in 2015 to almost 94 percent in 2016.

The industry sector, which contributed 28.8 percent in the total regional economy, dramatically increased from 8.3 percent in 2015 to 17.93 in 2016 percent due to acceleration in construction industry. 

Rillon explained that the “growth of the industry sector was mainly due to the remarkable performance of the construction sector like the construction and improvement of various roads leading to tourist destination areas, convergence program of Department of Tourism and Department of Public Works and Highways, construction of bypass and diversion roads including bridges to improve connectivity, and the number of residential buildings erected last year.”

Meanwhile, the agriculture, hunting, forestry and fishing industry further declined from negative 1.3 in 2015 to negative 1.8 in 2016 due to decline in its sub-industries, which accounted to 20.1 percent in the 2016 economic performance.

Ilocos region ranked seventh in terms of contribution to growth or 0.264 percentage points to the national GDP growth rate of 6.9 percent.

GRDP tells the government which policies and programs are effective in terms of improving the overall welfare and income of the people, determine whether certain infrastructure projects were able to facilitate trade and commerce, it can provide indication whether tax rate would have adverse effects to households, industries and the economy as well.

For more information and available data, visit www.psa.gov.ph.(JNPD/JDS/PIA1, La Union)

 

 


Other News

Pag-IBIG launches 2nd round of raffle promo
  • August 19, 2017
PASAY CITY, Aug. 19 -- Pag-IBIG Fund launches its Expanded Dagdag-Ipon Raffle Promo Part 2 at the Philippine International Convention Center in Pasay City to encourage its members to upgrade their savings with the Fund.    Pag-IBIG Chief Executive Officer (CEO) Acmad Rizaldy P. Moti says: “We expect to generate at least P1 Billion in Membership Savings (MS), which can be used to finance housing for low-income Pag-IBIG members. This is aligned with President Rodrigo Roa Duterte’s pro-poor campaign and Housing and Urban Development Coordinating Council Chairperson Eduardo D. Del R...Read more
DepEd underscores importance of securing recognition and permit to operate
  • August 19, 2017
PASIG CITY, Aug. 19 – The Department of Education (DepEd) continuously recognizes and supports the important contribution of non-government and community-led institutions in improving access to culture-based basic education services through Indigenous Peoples Education (IPEd) initiatives.   In most cases, these initiatives are being implemented in Geographically Isolated and Disadvantaged Areas (GIDA), where learners cannot afford to pay tuition and support is usually sought from donors. As a response to the specific context of these learning institutions that operate in social, c...Read more
Pinoy students bag medals in 4 China math tilts
  • August 19, 2017
  CHINA, Aug. 19 -- Filipino students bagged 18 medals in four international math contests held in China to continue their winning streak abroad.     They won at the 2017 China Western Mathematical Invitation (CWMI) held from Aug. 11-16 in Sichuan; 16th China Girls Mathematical Olympiad (CGMO) from Aug. 10-15 in Chongqing; and the 14th China Southeast Mathematical Olympiad (CSMO) in Jiangxi and and China Northern Future Star Math Invitation (CNFSMI) in Changchun held recently.     The country’s medal haul consisted of 4 gold, 6 silver and 8 bronze medals, according ...Read more
Ilocos Norte town implements proper dress code for tricycle drivers
  • August 19, 2017
SAN NICOLAS, Ilocos Norte, Aug. 19 (PIA)—The local government unit (LGU) of San Nicolas is implementing the use of proper and decent dress code for tricycle drivers during trips.   The municipal council recently passed the Municipal Ordinance No. 2010-10, an ordinance rationalizing the implementation of the “No wearing of Sandos, Short Pants, and Slippers Policy” among drivers of motorized tricycle for hire and for other purposes.   Sangguniang Bayan Secretary Enrique Ulep, Jr. said that the LGU recognizes the people as important part of the community, thus all should be w...Read more