Soccsksargen economy expands, worth P503.64-B in 2022

Region 12. Map courtesy of Google

KORONADAL CITY (MindaNews / 12 May)  – The economy of Region 12 or Soccsksargen Region grew by 1.4 percent to 6.6 percent in 2022 from 5.2 percent the previous year, data from the Philippine Statistics Authority (PSA) showed.

Maqtahar Manulon, PSA-12 director, said the total value of the final goods and services produced in the region, as measured through the gross regional domestic product (GRDP), in 2022 stood at P503.64 billion at constant 2018 prices, higher than the P472.51 billion recorded the previous year.

Services had the largest share in the regional economy at 48.9 percent in 2022, slightly higher than its 47.0 percent share in 2021.

The share of industry declined to 24.8 percent in 2022 from the previous year’s 25.4 percent.

Agriculture, forestry, and fishing contributed 26.4 percent to the region’s total economic output in 2022, lower than its 27.6 percent share in 2021.

On the other hand, mining and quarrying and electricity, steam, water and waste management recorded contractions with -10.8 percent and -0.4 percent, respectively

Soccsksargen ranked 15th among the 17 regions of the country in terms of growth rate, Manulon said.

In 2022, the highest growth in Region 12 was recorded in accommodation and food service activities with 28.6 percent.

Per capita GRDP in Soccsksargen Region was estimated at Php112,229 in 2022, about 5.0 percent higher from the previous year and 59.3 percent lower than the national per capita GDP of Php178,751, PSA-12 data showed.

The highest per capita GDP in 2022 was posted by the National Capital Region at P443,782 which was almost three times higher than the national figure, followed by Cordillera Administrative Region (P183,827) and Northern Mindanao (P182,356).

Cambridge Dictionary defines GDP per capita as the total value of all the goods and services produced by a country in a particular year, divided by the number of people living there.

Teresita Socorro Ramos, National Economic and Development Authority – Region 12 director, said the region’s growth was within the annual target of 5.9 to 6.9 percent.

“The increased economic activities brought about by the fully reopened economy, which started in the last quarter of 2022, drove the economy’s growth during the period,” she said.

Region 12 comprises the provinces of South Cotabato, North Cotabato, Sultan Kudarat and Sarangani and the cities of General Santos, Koronadal, Tacurong and Kidapawan. (Bong S. Sarmiento / MindaNews)