NSCB: Northern Mindanao’s economy records fastest growth in 2008

The Philippine National Statistical Coordination Board reported that Northern Mindanao’s economy posted the fastest growth rate among the country’s 17 regions at 5.3% in 2008. Northern Mindanao's robust performance was fueled by the 10.7% expansion of its agriculture, fishery and forestry sector which had a 31.2% share of the region’s output.


The top five fastest growing regions in 2008 were:

1. Northern Mindanao ( 5.3% )
2. National Capital Region (NCR) ( 4.9% )
3. SOCCSKSARGEN ( 4.6% )
4. Western Visayas ( 4.4% )
5. Bicol (4.3% )

Cordillera Administrative Region (CAR) registered the slowest growth at 1.8% in 2008, a deceleration from 7.1% a year ago.

Sixteen of seventeen regions posted slower growth in 2008. Eastern Visayas was the only region which grew, from 3.1% in 2007 up to 3.6% in 2008.

Region	2007	2008
Northern Mindanao	7.7%	5.3%
NCR	7.8%	4.9%
SOCCSKSARGEN	6.7%	4.6%
Western Visayas	7.7%	4.4%
Bicol	7.5%	4.3%
Central Luzon	5.9%	3.8%
Davao Region	6.6%	3.7%
Eastern Visayas	3.1%	3.6%
Central Visayas	8.6%	3.4%
Caraga	7.7%	3.2%
MIMAROPA	9.8%	3.1%
Zamboanga Peninsula	7.2%	2.2%
Cagayan Valley	6.4%	2.0%
CALABARZON	5.3%	2.0%
ARMM	5.4%	1.9%
CAR	7.1%	1.8%

NCR increased its share to the country’s total output with a 33% share in 2008 – up from 32.7% in 2007 and 32.5% in 2006. It is followed by CALABARZON with 11.9% and Central Luzon with 8.3% respectively. ARMM has the lowest percentage share of only 0.9% of the country’s GDP.

NCR, likewise, contributed 1.6 percentage points to the national GDP growth which stood at 3.8% in 2008, lower than its 2007 contribution of 2.5%. NCR was followed by Central Luzon, Western Visayas, and Northern Mindanao, each contributing 0.3 percentage point. ARMM and Caraga, on the other hand, have the least contribution with less than 0.1%.

Growth of the economies of all the major island groups (Luzon – excluding NCR, Visayas and Mindanao) were lower in 2007. Luzon’s economy slowed down from 6.2% in 2007 down to 2.7 percent in 2008, Mindanao decelerated from 7% down to 4% and Visayas plunged from 7.5% to 3.8%.

NCR continued to register the highest real per capita GRDP, increasing by 3.4% from P 40,241 in 2007 to P 41,624 in 2008. NCR’s level is almost three times the national per capita GDP of P 15,686. CAR and Northern Mindanao have higher real per capita GRDP than the national average at P 19,043 and P 17,050, respectively. On the other hand, ARMM posted the lowest real per capita GRDP at P 3,572. Three regions - CAR, CALABARZON and ARMM, posted a decline in their per capita GRDP from 2007 to 2008.

The gross regional domestic product (GRDP) measures the goods and services produced in each of the geopolitical regions of the country. It provides for an analysis of the regional distribution of the country’s gross domestic product (GDP), the industries and factors that contribute to the regional economies, and the pace at which these economies are moving. The National Statistical Coordination Board compiles the GRDP on an annual basis.

Copies of the 2006-2008 GRDP are available for sale at the National Statistical Information Center (NSIC) located at the Ground Floor, Midland Buendia Building, 403 Senator Gil Puyat Avenue, Makati City. For subscription and inquiries, please contact the NSIC at telephone numbered (632) 895-2767 or at e-mail address info@nscb.gov.ph.

Manila Water Acquires Water Concession in Laguna Province

Manila Water Company acquired water concession to provide water supply services to Sta. Rosa, Binan and Cabuyao in Laguna province by purchasing 100% ownership of AAA Water Corporation. AAA Water corporation owns 70% of Laguna AAA Water Corporation, a joint venture with the province of Laguna, Philippines.

Laguna AAA Water Corporation currently serves 120,000 customers out of the current 600,000 population, and is expected to grop to 1,100,000 in 15 years. The service area is home to the operations of Nestle, Coca-Cola and Ford Motors, and to a number of commercial/residential developments by Ayala Land, Vista Land and Eton Properties.

Manila Water has an existing concession in the East Zone of Metro Manila, serving 5.6MM people. Since 1997, it has increased 24 hour coverage from 26% to 99% and reduces water losses from 63% to less than 20%.

Manila Water recently took over water and wastewater operations in Boracay Island.

San Miguel To Participate In Expressway Project

San Miguel Corporation (SMC) announced last July 20 that it has entered into a non-binding agreement to acquire a significant stake of the Private Infrastructure Development Corp. (PIDC), a consortium of construction companies behind the Tarlac-Pangasinan-La Union Toll Expressway Project.

The 88-kilometer expressway project will extend from La Paz, Tarlac to Rosario, La Union. Once completed, it is estimated that the expressway will cut by half the travel time from Manila to Baguio.

The parties have agreed to execute and finalize a definitive agreement which shall be subject to government approval.

SMC has diversified its business interests to include a stake in power retailer Manila Electric Co. (Meralco), oil refiner Petron and Liberty Telecom.

Ramon S. Ang, SMC president and chief operating officer said:

"This is in line with our diversification plans and we’re happy to be a catalyst for the infrastructure needs of the country."

"The North to Central Luzon stretch is a potentially dynamic industrial corridor and the proposed expressway will make it easier and more cost effective to move goods and people from one point of Luzon to another. As a food and beverage conglomerate with one of the most developed distribution networks in the country, we have a strong interest in making it happen."