The economy of Catanduanes, as measured by its Gross Domestic Product (GDP), grew at a robust 7.6 percent in 2023 compared to the 6 percent recorded in 2022, the Philippine Statistics Authority (PSA) reported last week.
In its presentation of the 2023 Provincial Product Accounts (PPA) for the Bicol region during the Dec. 9, 2024 at E-Crown Hotel & Resort, PSA Catanduanes Chief Statistical Specialist Anavi F. Camacho remarked that the island’s economic growth last year was the highest among the six Bicol provinces.
Catanduanes’ GDP rose from P28.79 billion in 2022 to P30.99 billion in 2023 at constant 2018 prices, she disclosed.
It was better than Sorsogon’s 6.2 percent and Albay’s 5.9 percent, and double Camarines Norte’s 3.7 percent, Masbate’s 3.5 percent, and Camarines Sur’s 3.2 percent.
Catanduanes maintained its status as having the smallest share of the region’s economy at just 5.1 percent, dwarfed by Camarines Sur’s GDP of P186.7 billion.
However, the Agriculture, Forestry, and Fishing (AFF) sector, which accounts for 7.5 percent of the island’s economy, declined by 1.6 percent.
CSS Camacho underscored that the decrease is not confined to Catanduanes as it was reflected in the rest of the Bicol provinces with the region’s total down by 5.4 percent.
Industry, which accounts for the largest share of the local economy at 47.3 percent, grew by 7.6 percent.
Services registered the highest growth at 9.3 percent, with a significant share of 45.2 percent of the economy.
Both growth rates in the two sectors were the highest in the region for 2023 while the average GDP of P111,124, which is the contribution of every Catandunganon to the economy, was also the highest in region.
The average GDP growth in Catanduanes of 6.9 percent outpaced the figure for the entire region which was just 4.6 percent.
In a prepared statement on the economic performance of the province, Provincial Planning and Development Coordinator Elsie B. Reyes pointed out that the flourishing tourism industry played a vital role in positive growths in the Industry and Services sectors, with a total of 563,214 jobs generated in tourism.
She identified the construction industry as another major contributor, posting an increase in GDP from P9.4 billion in 2022 to P10.3 billion last year.
“Both the local and national government continuously implemented infrastructures in support to social and economic development,” Reyes stated. “These are essential for sustainable and inclusive growth.”
To sustain the positive growth, the provincial government has crafted a Tourism Development Plan adopting the concept of alliance and circuit strategy in tourism development, she said.
Catanduanes is included in the Triple C tourism alliance along with Camarines Norte and Camarines Sur, the PPDC added.
“Tourism continued to be a growth driver of the province’s economy as it fuels increase in public investments through the construction of roads that will improve access to tourist destinations,” she stressed.
On the other hand, the significant decrease in GDP in the Agriculture, Forestry and Fisheries sector is attributed to the low buying price of abaca fiber as well as weather disturbances that severely affected the economic situation of 15,000 abacaleros, Reyes said.
To further boost the predominantly agriculture-dependent economy, the Provincial Commodity Investment Plan (PCIP) which originally focused on abaca, mangrove crab, swine, native chicken and dairy cattle, was enhanced to cover tuna as its 6th priority commodity.
The PCIP serves as the investment portfolio of the province for agricultural programs and projects that will encourage collaboration and convergence between the PLGU and other stakeholders in its implementation.
The PCIP aims to improve linkages of primary industries such as access roads, farm-to-market roads, and freight and handling costs of local products to reduce production cost; improve resource management for a sustainable production base; correct distortions in the local market that shortchange local farmers, fisherfolk and other stakeholders; implement strategies to improve the quality of local products; and improve the productive capacity and competitiveness of stakeholders.
PPDC Reyes clarified that in the crafting of the PCIP, Value Chain Analysis (VCA) and Climate Vulnerability and Risk Assessment are considered to ensure the resiliency of programs and projects in terms of hazards frequently experienced in the province.
In conclusion, she said that the provincial economy will likely improve but the AFF sector is seen to maintain its negative growth rate due to the severe damage sustained from typhoons in the later part of 2024.
“To accelerate growth in this sector, there is a need to assist abaca farmers in terms of rehabilitating their abaca plantations thru the provision of financial assistance,” the Capitol official emphasized, as she called for similar aid to rice and other crop farmers through subsidized farm production inputs and crop insurance.
On the other hand, she said further, fisherfolks should be provided with alternative sources of livelihopod and comprehensive interventions.
Also present during the forum were OIC Assistant National Statistician Mark C. Pascasio, PBM Rafael C. Zuniega who represented Governor Joseph C. Cua, and PSA regional office Supervising Statistical Specialist Ray F. Merjilla.
In his message to LGU executives and agency representatives, Pascasio said the PPAs provide a comprehensive understanding of the economy and development through essential data needed in decision making.
Through the PPAs, the LGUs can track their economic growth, set targets, and identity strategies and opportunities for balanced economic growth, he said, adding that the institutionalization of the PPAs by 2025 will provide highly relevant economic data.