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)