SOCCSKSARGEN has fastest growing economy in Mindanao – NCMB 12
By DANILO E. DOGUILES
KORONADAL CITY, South Cotabato – SOCCSKSARGEN Region posted 8.4 percent economic growth in 2013, the fastest growing economy in Mindanao, an official of the National Statistical Coordination Board (NCMB) 12 said.
Herlita Caraan, regional director of the NCMB 12 reported during the recent meeting of the Macro-Economy, Development Administration and Finance Committee (MEDAFC) of the Regional Development Council (RDC) 12 that the Gross Regional Domestic Product (GRDP) of SOCCSKSARGEN recorded 8.4 percent increase in 2013 compared to 8.0 percent in 2012.
“SOCCSKSARGEN Region’s economic performance in 2013 was considered the fastest among the regions in Mindanao and third among the 17 regions in the country,” Director Caraan emphasized.
SOCCSKSARGEN Region or Region 12 is comprised of the provinces of South Cotabato, North Cotabato, Sultan Kudarat, and Sarangani as well as the cities of General Santos, Koronadal, Tacurong, Kidapawan, and Cotabato.
Other regions in Mindanao are Western Mindanao, Northern Mindanao, Davao Region, and CARAGA, and the Autonomous Region in Muslim Mindanao.
Citing data from the Philippine Statistics Authority, Caraan noted that “among the 17 regions in the country only SOCCSKSARGEN Region has experienced a continuous rise in the ranking on the GRDP since 2010.
“SOCCSKSARGEN ranked 14th in 2010, 7th in 2011, 5th in 2012, and 3rd in 2013,” she enunciated.
She emphasized further that the regional economic progress exceeded the national GDP rise of 6.8 percent in 2012 and 7.2 percent in 2013.
“The region’s economic growth rate is within the economic target of the region,” she said, adding that for 2013, SOCCSKSARGEN Region had set 7.5 to 8.8 percent economic growth.
GRDP, she elaborated, “is the market value of final goods and services produced within a region in a given period of time. It is considered the single most important indicator of economic performance.”
“At current (2013) price, the total value of goods and services produced in SOCCSKSARGEN Region was estimated at P333.2 billion,” Caraan emphasized.
She reasoned that the region’s economic performance was mainly due to growths in the industry and services sectors.
Industry sector expanded from 10.3 percent in 2012 to 11.6 percent in 2013 while service services grew from 8.1 percent in 2012 to 9.4 percent in 2014.
Most remarkable rise in the industry sector, she added, came from the growth in construction that recorded 17.1 percent in 2013 from merely 6.4 percent in 2012.
This is because of “improved performance in public and private construction, especially in private construction that accounted for 62 percent of the total construction,” she said.
In terms of contribution to the national GDP output, SOCCSKSARGEN Region “accounted for 2.8 percent , slightly higher than its 2.7 percent share in 2012,” she said, adding that he region ranked 9th in terms of regional shares to the GDP, with National Capital Region, Calabarzon, and Central Luzon ranking 1st, 2nd and 3rd, respectively. (DEDoguiles with JMCastillon-PIA 12)