Region 2’s GDP down by 3.3% in 2016

  • May 10, 2017
  • Oliver T. Baccay

TUGUEGARAO CITY, Cagayan, May 10 (PIA) - - The Gross Domestic Product (GDP) of the region fell 3.3 percent in 2016 which is lower compared to 4.1 percent in 2015 based on the 2016 Regional Economy report of the Philippine Statistics Authority (PSA).


Statistics Regional Director Marilyn Estrada said the 2016 regional economy was so far the lowest in the last five years which placed the region into13th rank among all regions nationwide.


“Services accounted for the largest share with 51.3% followed by the agriculture, hunting, forestry and fishing with 34.2% and industry sector only covered 14. 5% of the regional economy,” Estrada said.


On his part, NEDA Assistant Regional Director Ferdinand Tumaliuan, said the downfall of the regional economy is already expected due to extreme weather disturbances in the region to include the prolonged drought during the first quarter that affected the agriculture sector which is the major source of income of the people.


He said there were also series of strong typhoons that hit the region during the last quarter to include the category 5 typhoon Lawin, and typhoons Karen and Ferdie that brought severe devastations to the livelihood of the people and destructions to major infrastructures.


“But despite these devastations, people of region 2 were able to recover immediately. Our lives now is back to normal and we pray that we survive the rest of the days with no major disturbances,” Tumaliuan said.


The NEDA official also recommended to further strengthen the region’s industrial sector as well as the agricultural and fishing sector to further boost the region’s economy. (ALM/MDCT/OTB/PIA-Cagayan)

Other News

President Duterte seeks robust, comprehensive, and mutually-beneficial partnership with Russia
  • May 23, 2017
DAVAO CITY, May 23  ─ President Rodrigo Roa Duterte on Monday, May 22 left for Russia, saying that his landmark visit will emphasize the Philippines’ independent foreign policy. In his departure statement, the Chief Executive said the most anticipated visit highlights the independence of the Philippines’ foreign policy and the firm resolve to broaden the horizons of friendship and cooperation with other nations. He further noted that Russia is a country that the Philippines must work with and that there are opportunities for cooperation that cannot be ignored. “With its geogr...Read more
DOF study links infra, social investments to inclusive growth
  • May 23, 2017
MANILA, May 23 -- Quicker economic growth sets the stage for wider fiscal space through greater investments in infrastructure, conditional cash transfer (CCT) and micro-lending programs, which, in turn, accelerate poverty reduction and spell financial inclusion, according to a Department of Finance (DOF) study. This study by the DOF—its first major research paper for the year and led by Finance Undersecretary Gil Beltran—noted that higher remittances by overseas Filipino workers (OFWs) also foster economic inclusion because many of these remitters’ beneficiaries in the country end up...Read more
GSIS allots P143 million in emergency loan in 2 Mindanao areas
  • May 23, 2017
PASAY CITY, May 23 -- The Government Service Insurance System (GSIS) is allocating P143 million in emergency loans for its active members and old-age pensioners in Jolo, Sulu and Concepcion, Misamis Occidental, which are affected by flashfloods and agricultural damages resulting from heavy rains. The application deadline for Jolo is June 3 and for Concepcion, June 9. A total of 5,051 active members who are working or residing in the calamity-declared areas, are not on leave of absence without pay, have no arrears in paying premium contributions, and have no unpaid loans for more than...Read more
Watch group finds school gardening tools laden with toxic lead
  • May 23, 2017
QUEZON CITY, May 23 -- An advocate for the prevention of childhood lead exposure alerted school authorities against the use of gardening tools that are coated with lead-containing paints. The EcoWaste Coalition, a non-profit environmental and health group, aired the warning following the detection of high concentrations of lead, a potent neurotoxin, in eight of 20 samples of gardening tools. The tools, which are commonly used in home, community and school gardening activities, were purchased for P20 to P65 each from general merchandise stores, hardware centers and sidewalk vendors in Mo...Read more