Philippine Statistics Authority IV-A Regional Office on Tuesday said that the Calabarzon region posted a 7.3% economic growth last year. PIA

Registering 6.7 percent in 2017 up to 7.3 percent in 2018, the economy of Calabarzon has improved according to the Philippine Statistics Authority (PSA) Region IV-A Office.

PSA IVA Regional Director Charito Armonia in a press conference noted that the growth rate was the fastest in six years, which he attributed to two major factors — the advancement of Industry and Services as well as the recovery of Agriculture, Hunting, Forestry and Fishing (AHFF).

The industry sector has remained the biggest contributor at 4.9 percent out of the total 7.3 percent growth rate, followed by the services sector with 2.4 percent contribution and AHFF with 0.03 percent, he said at the Occassions Garden in Lima Park Hotel yesterday.

However, in terms of size contribution to the region’s economy, the industry sector has the biggest share at 62.3 percent followed by the services sector with 32.9% and AHFF had the least share of 4.8%.

Focusing on the growth of the industry sector, its biggest driver is the accelerated growth of the Manufacturing sub-industry from 2017’s 7.4 percent up to 8.0 percent.

Other contributors include the construction sector from 15.6 percent in 2017 but down to 9.5 percent in 2018, electricity, gas and water Supply from 3.4 percent up to 3.9% and mining and quarrying sector from 1.0 percent up to 3.5%.

Meanwhile, the services sector improved from 6.0 percent in 2017 to 7.1% owing to the expansion of its sub-industries — Public Administration and Defense, Compulsory Social Security from 8.9 percent to 15.5 percent, Other Services with 11.0%, Financial Intermediation with 8.8%, Trade by 5.8% and Transportation, Storage and communication by 4.5%.

Two other gainers were Real Estate, Renting and Business Activities was recorded from 6.0% in 2017 to 6.9% in 2018 and AHFF from 0.6% in 2017 to 0.7% in 2018. (PacificTimes/JoelMangahis)