CV economy up by 5.4% in 2021 — PSA-7

By: Mary Rose Sagarino - Multimedia Correspondent - CDN Digital | April 28,2022 - 06:07 PM
CV ECONOMY UP IN 2021. The PSA-7 presents its report on the economic performance of Central Visayas in 2021 and it showed the growth of the region's economy led by its services sector. | Mary Rose Sagarino

The PSA-7 presents its report on the economic performance of Central Visayas in 2021 and it showed the growth of the region’s economy led by its services sector. | Mary Rose Sagarino

MANDAUE CITY, Philippines — The economy of Central Visayas has grown by 5.4 percent in 2021 compared to a  -9.5% in 2020.

The region’s Gross Regional Domestic Product (GRDP) was measured at P1.20 trillion, higher than 2020’s P1.13 trillion as reported by the Philippine Statistics Authority in Region 7 (PSA-7) on Thursday, April 28.

The main contributors to the 2021 growth were the wholesale and retail trade; repair of motor vehicles and motorcycles with a 6.1 percent growth rate, manufacturing recorded a 4.0 percent growth rate, and professional and business services logged a 8.9 percent growth rate.

Among the major industries, services recorded the highest share of 68.1 percent in the region’s total GRDP in 2021, followed by industry with 24.5 percent, and agriculture, forestry, and fishing, (AFF) with 7.4 percent.

Engineer Ariel Florendo, PSA-7 regional director, said the region maintained its ranked as the fourth largest economy in the country.

Dolores Molintas, the assistant regional director of the National Economic Development Authority in Central Visayas (Neda-7), said the region’s 5.4 percent economy in 2021 could have roughly reached 7 percent if not for typhoon Odette.

Molintas said the typhoon struck most parts of the Central Visayas or CV damaging about P87 billion worth of its physical assets resulting in income losses of around P79 billion.

If such losses were translated in percentage points of the 2021 GRDP would be around 2 percent, said Molintas.

Engineer Leopoldo Alfanta Jr, chief statistical specialist of PSA-7, said the employment rate had also increased last year.

Alfanta, said about 3.3 million individuals were employed in 2021 higher than 2.8 million in 2020.

Molintas said that Cebu Island had been contributing 70 percent of the economy of Central Visayas or CV.

They project that more businesses will open this year.

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TAGS: -9.5%, 5.4 percent, Cebu‬, Cebu Daily News, cebu news, Central Visayas, CV, economy, Philippine Statistics Authority, PSA-7

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