Engr. Akan Tula, OIC-Regional Director of Philippine Statistics Authority-Bangsamoro Autonomous Region in Muslim Mindanao (PSA-BARMM) delivering the Report on the 2023 Economic Performance of BARMM on April 25, 2024 at Hall 4, Robinsons, Mall of Alnor, Cotabato City
COTABATO CITY—Bangsamoro Autonomous Region in Muslim Mindanao’s (BARMM) 2023 economic performance surged by 4.3 percent, according to the Philippine Statistics Authority (PSA), with a P11.9 billion increase in the region’s estimated Gross Domestic Product (GDP).
As per PSA-BARMM’s data released on April 25, the region’s GDP grew from P280.3 billion in 2022 to P292.2 billion in 2023. Although lower than the 6.6% growth recorded in 2022, it remains a positive indication of the region’s economic performance.
According to the Report on the 2023 Economic Performance of BARMM of PSA-BARMM presented by Engr. Akan Tula, OIC-Regional Director of PSA-BARMM, the region’s 2023 economy is predominantly service-based, ranking 16th among the 17 regions in the country.
“The main driver of our economy right now is our services. Nagshift tayo from agriculture-based to service-based na. Pumangalawa rito ang ating agriculture at pumangatlo ang ating industry,” Tula shared.
[The main driver of our economy right now is our services. We shifted from being agriculture-based to now being service-based. Second to this is agriculture, while industry is in third.]
The 2023 Gross Regional Domestic Product (GRDP) of the region was mainly driven by Gross Value Added of three (3) major sectors, primarily services at P119.9-billion, followed by agriculture, forestry, and fishing at P101.8-billion, and industry at P101.8-billion.
Consequently, the growth in the region’s GRDP resulted in an increase of Per Capita GRDP by 2.2 percent which is estimated at P58,217, compared to the previous year’s record at P56,970.
Out of the 4.3 percent growth, services comprised 2.7 percent share, agriculture, forestry, and fishing with 1.0 percent share, and industry with 0.6% share.
GRDP is a tool to monitor and assess the economic performance and development of a specific region. Particularly, it serves a pivotal role in economic measurement, quantifying the total value of all goods and services within a region over a specific period.
“A growing GDP translates into increased employment opportunities, higher incomes, improved public services, and enhanced infrastructure, contributing to overall prosperity and well-being within the region,” PSA-Maguindanao Chief Statistical Specialist Naldo Pendaliday elaborated.
Further, BARMM’s Gross Regional Domestic Expenditure (GRDE) increased by 4.3 percent in 2022-2023, slower than the growth in 2021-2022. GRDE represents the expenditure of residents of the region in the domestic territory plus their expenditures in other regions, including the rest of the world.
Of this, Household Final Consumption Expenditure (HFCE) has the highest contribution to growth in expenditure items to the regional economy at 8.3 percent, followed by Government Final Consumption Expenditure (GFCE) at 1.1 percent and Net Exports to the rest of the world at 1.0 percent.
“This report can be used by our regional planners to plan whatever interventions they can make to our Bangsamoro constituents for the betterment of our economy here in the Bangsamoro region,” Tula shared, emphasizing the regional planners’ crucial role in utilizing the report.
“This will serve as a reference in terms of the formulation of the right programs and policies that will address and propel the economy of the region,” Rohanisah Rashid, chief of Economic Planning Division, said.
She also shared the recent investment of the region in Halal industry and the opportunity it poses for bolstering the economy and progress.
“Through the enhancement of our capabilities in Halal production and certification, we can tap into global markets and position BARMM as a leader in this rapidly growing sector,” she added.
Building an empowered, cohesive, and progressive Bangsamoro through boosting economic development by capitalizing on its comparative advantage remains a priority of BARMM Chief Minister Ahod Ebrahim. (Bai Omairah Yusop/BIO)
