The highest annual increase in revenues, however, belonged to Manufacturing with a boost of 118.9% to P69.43 billion, followed by the Wholesale and Retail Trade section with 14.8% (P169.17 billion) and the Electricity section with 44.1%.
Expenses of business establishments in Bicol, however, increased by 20.1% in 2022 to P340.61 billion, with nearly half or P160.72 billion accounted for by the Wholesale and Retail Trade section.
On the other hand, sales from E-commerce transactions grew by 11.5% to P2.73 billion in 2022, with almost a hundred percent reported by the Services sector.
Nearly half, P1.24 billion, came from Administrative and Support Services activities. By employment grouping, P1.26 billion was recorded by large companies.
Discussing the policy implications of the ASPBI results, Joseph D. Ranola, OIC-Assistant Regional Director of the Department of Trade and Industry (DTI), said the regional and sectoral analysis of the market helps DTI for policy design and implementation in support of MSMEs and provide sustainability in investment promotion and skills development.
On the key findings, he emphasized that agriculture should increase along with other business activities, as some sectors in industry are dependent on agriculture.
The very low increase in agricultural production highlights the disparities in the region’s economy, as almost all raw materials in manufacturing and industry could be imported, he added.
“Making use of social media and digital platforms would provide unlimited engagements for businesses, including agriculture,” Ranola stated, noting that digital transactions do not cover all businesses, particularly informal sectors and sellers.
The DTI official said the expansion of the region’s economy by 8.1% due to construction, transportation and storage, led to enhanced MSME participation while infrastructure development strengthened support for small businesses.
He likewise pushed for the expansion of the One-Town, One-Product (OTOP) program to focus on export products, digitization and provision of market access and financing, harnessing the potential of untapped productivity and the need for inclusive supply chain.
While there is increasing digitization in commerce, digital literacy remains a barrier, Ranola emphasized, recommending the launching of a comprehensive digital literacy campaign alongside the promotion of digital payment services and platforms.
He disclosed that DTI now requires participants in trade fairs to have Gcash accounts as most customers now pay using the app on their cellphones. The same could be done for market vendors, he added.
At the same time, ARD Ranola urged telecommunications companies to make data more affordable to encourage increased use of digital payments and ensure quality service especially among small sellers and farmers.