BARMM ranks 2nd in Mindanao in terms of economic growth in 2019

By JULMUNIR I. JANNARAL

BARMM ranks 2nd among the regions in Mindanao in terms of Gross Regional Domestic Product (GRDP) and Gross Regional Domestic Expenditure (GRDE) growth rate in 2019. (BPI photo)

COTABATO CITY

Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) ranked 2nd among the regions in Mindanao in terms of Gross Regional Domestic Product (GRDP) and Gross Regional Domestic Expenditure (GRDE) growth rate in 2019.

Furthermore, BARMM ranked 7th among the 17 regions in the country after posting 5.9 percent growth rate in its GRDP.

This was announced by Razulden A. Mangelen ,OIC Regional Director of Philippine Statistics Authority (PSA-BARMM), during a Virtual Dissemination Forum on the Economic Performance of BARMM held Tuesday, Nov. 24 in the city.

With 40.4% contribution, Service Sector now has the largest share in the region’s economic performance. It is followed by the Agriculture, Forestry and Fishing (AFF) sector with 34.5%, and Industry sector with 25.1 percent. In 2018, BARMM was predominantly agriculture based.

According to PSA, the main growth drivers were: Public administration and defense at 16.1 percent; Manufacturing at 15.7 percent; Other services at 14.8 percent; Financial and insurance activities at 14.7 percent; and Accommodation and food services activities at 14.5 percent.

AFF with its 34.5% share to the region’s total economy inched up by 1.1% in 2019 compared to its robust increase of 8.7 percent in 2018. Industry’s share of 25.1% to the region’s economy expanded by 10.2% in 2019 compared to the 6.4% increase in the previous year. Services, which contributed the lion’s share to the BARMM’s economy at 40.4%, grew by 7.7% in 2019, a bit higher from its 2018 growth record at 7.6 percent.

With the 6.0 percent GDP growth of the country in 2019, BARMM contributed 0.1 percentage point while its share to the total economy was 1.3 percent.

BARMM accelerates household spending

Reports from PSA-BARMM showed that household final consumption expenditure (HFCE) in BARMM expanded to 6.2 percent in 2019, compared with the 2.9 percent registered in 2018. Government spending in the region grew by 8.8%. Likewise, gross capital formation of the region grew by 11.7 percent in 2019. Gross capital formation slowed down by 4.4 percent in 2019, which was slower than the 17.6 percent growth in 2018.

Total exports of goods and services to ROW posted double-digit growth of 69.5 percent in 2019. However, Total imports of goods and services from ROW declined by 37.7 percent.

Real per capita HFCE grew by 4.1 percent in 2019. The real per capita HFCE in the region was recorded at PhP 65,407 in 2019, lower than the national level which amounted to Php 130,743.

In his video message, Bangsamoro Chief Minister Al Haj Murad Ebrahim said: “the BARMM is an infant government. As we navigate with the ongoing transition, we acknowledge the need to bulk up our programs with sufficient data and responsive programs suited in the context of our region.”

“With PSA’s unparalleled commitment to help in this process, we are optimistic that things will be smoother and not baseless. In the context of the GRDP and GRDE, it is a must for us to tailor fit its data to our development plans and programs,” CM Ebrahim added.

Also present during the program were PSA Civil Registrar General Undersecretary and National Statistician Claire Dennis Mapa, Lanao del Sur Chief Statistical Specialist Noronisa Macadadaya, PSA-BARMM Chief Statistical Specialist Mahmur Sarail, Bangsamoro Planning and development Authority (BPDA) Director General Engr. Mohajirin Ali, and representatives from BARMM’s different ministries and offices. With BUREAU OF PUBLIC INFORMATION-BARMM

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