VIRTUAL ECONOMIC FORUM. Philippine Statistics Authority Ilocos regional director Sheila De Guzman speaks at a forum on Thursday (April 27, 2023). De Guzman said the region posted a 7.6-percent economic growth in 2022. (Photo screenshot from PSA's live stream)
MALASIQUI, Pangasinan – The Ilocos Region's economy grew by 7.6 percent in 2022, accounting to PHP654.9 billion and higher than 2021's PHP608.6 billion, according to the Philippine Statistics Authority (PSA).
In a virtual press conference on Thursday, PSA Ilocos regional director lawyer Sheila de Guzman said the region has contributed a 3.3 percent share to the Gross Domestic Product (GDP) of the country in 2022.
De Guzman said services contributed 5.1 percent to the region's economic growth, while industry and agriculture contributed 2.2 percent and 0.3 percent, respectively.
Under the industry category, the leading economic contributors are wholesale and retail trade, repair of vehicles and motorcycles; construction; and electricity, steam, water, and waste management.
De Guzman said the economy of the region has already surpassed its pre-pandemic level.
In terms of expenditure on items, the top economic contributor was household final consumption expenditure at 4.6 percent, followed by gross capital formation at 3.6 percent, government final consumption expenditure at 0.8 percent, and next exports to the rest of the Philippines at 0.3 percent. Meanwhile, net exports to the rest of the world declined at 1.7 percent.
De Guzman said the per capita Gross Regional Domestic Product (GRDP) of the Ilocos Region in 2022 was PHP122,333, higher than 2021's PHP114,548.
“Ilocos Region ranked 8th in terms of per capita GRDP among the 17 regions in the country,” she said.
National Economic Development Authority Ilocos officer-in-charge director Irenea Ubungen, meanwhile, said some 127,000 individuals were employed in October 2022, increasing the household expenditure.
“The region’s economy posted robust growth as it facilitated various economic activities hence providing more employment activity and production of more goods,” she said.
The region’s peace and order situation also facilitated the conduct of economic activities, she said.
Ubungen said the full transition to the new normal benefited the region’s industry sector and an additional 34,000 employment.
“All of these factors contributed to the robust performance of the region. Agriculture, forestry, and fishery bounced back while service and industry remarkably increased,” she said. (PNA)
