Among the seventeen regions in the Philippines, the economy in Bicol Region seen to be the fastest growing region in 2018, with 8.9 percent, Philippine Statistics Authority (PSA) reported.
The fast growing economy of Bicol Region is attributed by the rapid investments in service and industry sector, Philippine News Agency reported.
Other fastest growing regions are Davao Region and MIMAROPA posted 8.6 percent. Despite of the fast growing economy, Davao was seen to slowed down.
According to the report of MindaNews, “National Economic Development Authority 11 director Maria Lourdes Lim said that although the region’s economic performance missed the target growth of 9.2 percent for 2018, it remains highly commendable because sustaining a high growth rate despite a number of challenges encountered by the region in 2018, such as high inflation is admirable.”
PSA also stated the following regions with growing economy in 2018: “Central Visayas, 7.6 percent; CALABARZON, 7.3 percent; Northern Mindanao, 7.0 percent; Ilocos Region, 6.5 percent; Zamboanga Peninsula, 6.3 percent; and Eastern Visayas, 5.9 percent”.
Moreover, NCR had continued to acquired the largest share of the country’s Gross Domestic Product (GDP) at 36.0 percent. Followed by CALABARZON with a share of 17.0 percent and Central Luzon with a share of 9.8 percent. “Real per capita GRDP of NCR nearly three times the national per capita GDP”, PSA reported.
Aside from the fastest and accelerated growth of the regions, PSA also determined the regions that grew yet obtained a slower pacing compared to their performance in 2017: “Cordillera Administrative Region (CAR) grew by 7.3 percent; Autonomous Region in Muslim Mindanao (ARMM), 7.2 percent; Central Luzon, 7.1 percent; SOCCSKSARGEN, 6.9 percent; Western Visayas, 6.1 percent; National Capital Region (NCR), 4.8 percent; Cagayan Valley, 3.3 percent; and Caraga, 3.2 percent”.