Mimaropa economy grew by 8.6% in 2018

CALAPAN CITY, Oriental Mindoro – The Philippine Statistics Authority (PSA) announced recently that the economy in the Mimaropa (Oriental Mindoro, Occidental Mindoro, Marinduque, Romblon, Palawan) region achieved considerable growth when it posted an 8.6 percent growth in 2018, a big jump from the 5.2 percent record in 2017.

Leni R. Rioflorido, regional director of PSA-Mimaropa said the outstanding growth that was recorded in the region was attributed mainly to the growth of all industries with construction as top contributor which grew by 26.1 percent.

This was followed by mining and quarrying which rebounded with a 5.7 percent card from 5.5 percent in the previous year.

Rioflorido said Mimaropa’s performance made it as the second fastest region in the country, with Bicol as the first, in terms of economy, bankrolling on agriculture and tourism aside from the industry and service sectors.

The PSA official also said that services accelerated with a 9.3 percent rise as compared to 2017’s 8.7 percent and two of its six subindustries, public administration and defense with 15.2 percent and transportation, storage and communication got 7.5 percent.

The rest of the sub-industries grew at a slower pace as compared to the previous year: Trade and repair of motor vehicles, motorcycles, personal and household goods at 6.9 percent; financial intermediation, 10.3 percent and real estate, renting and business activities, 2.7 percent. Other services maintained its growth at 12.5 percent.

Among the three major economic industries, services continued to account for the largest share of the region’s economy with 47.8 percent followed by industry with 33.1 percent and agriculture, hunting, forestry and fishing (AHFF) with 19.1 percent.