Cordillera Administrative Region (CAR) is making waves as the second-fastest growing economy in the Philippines for 2022. Their Gross Regional Domestic Product (GRDP) hit P337.7 billion, showing a solid 8.7% growth compared to the previous year.
Noteworthy Growth
CAR's growth in 2022 stood out, just behind region VI, which topped the charts with a 9.3% growth rate. It's also better than the national average of 7.6%, proving the region's resilience in the face of challenges, especially considering the ongoing COVID-19 situation.
Individual Prosperity
Looking at the individual pocket, the per capita GRDP reached P183,827 in 2022, a decent 7.8% jump from the P170,496 in 2021. This points to the region's commitment to making sure everyone gets a slice of the economic pie.
Resilience Amid the Pandemic
Despite the pandemic, CAR's economic journey, guided by the National Economic and Development Authority - Cordillera (NEDA - CAR), has been noteworthy. From P288.9 billion in 2020, the GRDP rose to P310.8 billion in 2021 and surged further to P337.7 billion in 2022. The 2022 figure even beats the pre-pandemic number of P321.7 billion recorded in 2019.
Call for Collaboration
Under the leadership of Regional Director Susan Sumbelling, NEDA - CAR stresses the need for ongoing collaboration. Freda Toyoken, Chief of Policy Formulation and Planning Division at NEDA - CAR, highlights the importance of working together with local governments and the private sector to keep the economic momentum going and ensure it benefits all Cordillerans.
Stakeholder Insights
During the 2022 Cordillera Economic Performance report and media forum, stakeholders like Mines and Geo-Science Bureau Regional Director Fay Apil, Bangko Sentral ng Pilipinas - North Luzon Regional Office Director Atty. Noel Neil Malimban, and Department of Science and Technology Asst. Regional Director for Technical Services Pepita Picpican, along with various government representatives, shared their thoughts.
Conclusion
In a nutshell, Cordillera's achievement as the second-fastest growing economy in 2022 is a testament to resilience, planning, and teamwork. As the region rides high on economic success, the call for ongoing collaboration ensures Cordillera's journey toward a prosperous future for everyone. This growth not only showcases the region's economic prowess but also sets a benchmark for collaborative efforts in sustaining and enhancing economic well-being.
