Regional Director Marilyn Estrada of the Philippine Statistics Authority reported the improved economic performance of Cagayan Valley at 6.7 percent in 2019 during the Regional Dissemination Forum on the 2019 Economic Performance held on November 23, 2020 at Pulsar Hotel, Peñablanca, Cagayan.
Regaining strength from a slowdown in 2018, Director Estrada highlighted the fact that the region emerged as the fifth fastest growing region in 2019, with its Gross Regional Domestic Product (GRDP) valued at PhP 410.87 billion at constant 2018 prices. This growth was within the government’s target of 6.1-7.1 percent during the year. Among the three sectors, the services sector contributed to the biggest chunk of the economic output in 2019, with a share of 44.1 percent.
The region likewise posted the highest growth in agriculture at 7.2 percent, recovering from its negative performance in 2018. It surpassed the 2019 government’s growth target of 4.2-5.2 percent.
RD Dionisio C. Ledres, Jr. of the National Economic and Development Authority and the Chair of the Regional Statistics Committee, in his delivery of policy implications of the GRDP figures underscored the need for all sectors to learn from the lessons of the pandemic and move forward. He urged all sectors to continue to be responsive and resilient, and help the economy bounce back, resume social, and economic activities, while sustaining efforts to contain the spread of the virus. He shared the strategies in the Regional Recovery Program (RRP) and the national recovery program, ReCharge PH, to restart social and economic activities amid the COVID19 pandemic and allow the region to smoothly navigate the “new normal”.
According to Ma.Liberte V. Masculino of the PSA Central Office, this round of estimation marks many changes from the previous presented economic accounts. This GRDP round, the PSA Central Office estimated and simultaneously released both the GRDP and Gross Regional Domestic Expenditure (GRDE). The GRDP is the total value of all goods and services a region produces while the GRDE is the total amount of money spent on goods and services. The estimates were also rebased using 2018 constant prices from 2000 constant prices using a more updated structure of the industries. In her welcome message, she also emphasized the importance of these estimates in producing comprehensive and better-informed decisions for the economy.
The event was also attended by representatives from the different line agencies and local government units, development partners from the private sector, media, and the academe.