Industry sector spurs region's econ growth-A A +A
Saturday, August 2, 2014
DAVAO Region's industry sector posted a growth of 16.2 percent in 2013, surpassing by many folds its target of 4.8 percent last year, an economic study said.
In a presentation during the 2013 Economic Performance of the Davao Region at the regional office of the Department of Public Works and Highways (DPWH) 11, Philippine Statistics Authority-Regional Statistical Coordination Unit (PSA-RSCU) 11 officer-in-charge Rosendo M. Aya-ay said the highest growth is noted also in the industry sector among other sectors, surpassing even the region's major economic driver agriculture which stood the lowest at -8 percent.
The industries in the region are comprised of mining and quarrying, manufacturing, construction, and electricity, gas, and water supply, all of these pushed the sector to attain its double digit growth for 2013.
The mining and quarrying sector grew by 17.9 percent to P1.96 billion in 2013 as compared to P1.67 billion in 2012. Manufacturing sector went up by 14.8 percent to P52.04 billion from P45.32 billion; the construction sector increased by 18.9 percent to P25.17 billion from P21.17 billion, and electricity, gas, and water supply increased by 16.4 percent to P2.84 billion from P2.44 billion.
National Economic Development Authority (Neda)-Davao regional director Maria Lourdes D. Lim said manufacturing contributed the biggest share at 20.1 percent despite having the lowest growth among the subsectors of the industry sector.
"This is due to the strong performance of processing industries, such as cement, food and beverages, fertilizers, and minerals," she said.
Lim said the construction sector, having the highest growth, was vigorous, as the government pursued key infrastructure projects in the region particularly in the Pablo-affected areas.
"Private building construction surged by 70 percent reaching P22 billion, which included projects for non-residential or commercial purposes. The number of new residential building construction, however, contracted by 5 percent during the year," she said.
Lim said mining and quarrying has rebounded from its negative growth of -59.8 percent in 2012 to 17.9 percent last year.
"Electricity, gas, and water supply improved by 16.4 percent due to further expansion of water utilities and increase in output of the energy sector," she said.
The industry sector contributed 32 percent to the region's gross domestic regional product (GRDP) for 2013. Service sector contributed 53 percent while the agriculture, hunting, forestry, and fishing sector posted 15 percent contribution.
Published in the Sun.Star Davao newspaper on August 02, 2014.