The economy in the Province has improved in 2022 after it posted a 7.6 percent growth rate, compared to the 4.6 percent in 2021, following the slump caused by the COVID-19 pandemic.
The Province’s gross domestic product in 2022 was pegged at P166.46 billion, compared to P154.65 billion in 2021, revealed Engr. Ariel Fortuito, chief statistical specialist of the Philippine Statistics Authority here.
The provincial government attributes the economic growth to the increase in the local production services.
“Favorable business climate in the Province contributed much to the increase in production service in industry sectors despite the adverse effect of COVID-19,” explained Engr. Ingo Ash Mercado, provincial planning and development officer.
He added that manufacturing, electricity, and construction have also contributed to the boost in the local economy, in addition to the provincial government’s strong collaboration with its partners such as the Negros Oriental Chamber of Commerce & Industry.
During the recent Provincial Product Accounts Dissemination forum, Fortuito showed that among the major industries, Services expanded by 9.6 percent in 2022, while the Industry sector maintained its previous year’s growth rate at 5.6 percent.
Among the industries that recorded the fastest growth in the province during the period were Transportation and Storage with 27.3 percent and Accommodation and Food Services with 22.3 percent.
Fortuito also reported that while the region experienced a decline in agriculture, forestry, and fishing in 2022, Negros Oriental grew by 0.8 percent in those sectors.
Mercado revealed that the total annual budget of the Province in 2022 was over P3 billion, which was higher by 76.6 percent compared to the previous year’s budget.
The provincial government has allotted the biggest slice in the budget to the Social Services sector (41.09 percent), followed by the Economic Services (26.05 percent), then General Services (22.46 percent).
Mercado noted that the Province has supported President Marcos Jr.’s socio-economic agenda by allocating funding for the priority programs and projects in line with Ambisyon Natin 2040, the 2030 agenda for sustainable goals, and the 10 socio-economic agenda.
Provincial Product Accounts has been the mechanism of the Philippine Statistics Authority to compile the annual estimates of GDP by province, and highly-urbanized city.
Starting 2021, the PSA has annually released the provincial and HUC level economic performances following the identified pilot areas. Negros Oriental is one of the pilot areas for such compilation. (JCT/PIA7 NegOr)
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Photo caption: The Provincial School Board of Negros Oriental, headed by Governor Chaco Sagarbarria, convened Wednesday to discuss the supplementary needs of the public school system and approved of the Special Education Fund for the calendar year 2024. (Provincial PIO photo)
