PSA: Western Visayas fastest-growing region in 2022

Western Visayas had the fastest-growing economy in 2022 as it overtook even the national average during the year, data released by the Philippine Statistics Authority (PSA) on Thursday showed.

The Western Visayas region posted an economic growth of 9.3%, followed by the Cordillera Administrative Region (CAR) with 8.7%, and the Davao Region with 8.15%.

They were followed by Central Luzon with 8.11%, the Bicol Region with 8.06%, Cagayan Valley with 8.0%, Calabarzon with 7.8%, Central Visayas with 7.64%, and the Ilocos Region with 7.60%.

The PSA earlier reported the national average economic growth of 7.6% for 2022, surpassing the government’s target band of 6.5% to 7.5% for the year.

Among the regions which posted growth below the national average are the National Capital Region with 7.18%, Mimaropa with 6.3%, Eastern Visayas with 6.8%, the Zamboanga Peninsula with 7.5%, Northern Mindanao with 7.18%, Soccsksargen with 6.59%, and Caraga with 5.9%.

Across all the industries, accommodation and food service industries reported the highest growth with 32.1%, followed by other services with 28.4%, and transportation and storage with 23.9%.

Earlier this week the inter-agency Development Budget Coordination Committee (DBCC) retained its economic growth outlook for the year at 6.0% to 7.0%, unchanged from the projection made in December.

“The indications so far, looking at employment figures and other indicators, the numbers look good, I think, we think, but of course, we cannot tell you the definite numbers,” Socioeconomic Planning Secretary Arsenio Balisacan said.

Economic managers, however, hiked their inflation forecast for the year to the 5.0% to 7.0% range from its earlier projection of 2.5% to 4.5%, and higher than the target range of 2.0% to 4.0%.

“The average inflation rate assumption for 2023 is increased… given the persisting high prices of food, energy, and transportation costs,” Budget Secretary Amenah Pangandaman said.—AOL, GMA Integrated News