Davao Region third fastest growing regional economy in PH: NEDA 11

The National Economic and Development Authority

11 (NEDA 11) announced on Thursday that the year 2022 was a year of robust growth and resilience for the Davao Region with an economy growing by 8.1% and landing as the third fastest growing regional economy in the Philippines, tied with Central Luzon and Bicol Region.

In a virtual news conference for the 2022 Economic Performance of Davao Region, conducted by the Philippine Statistics Authority 11 (PSA 11), NEDA 11 regional director Maria Lourdes

D. Lim said that with the notable economic performance, Davao Region exhibited its strong economic fundamentals, buoyed by a dynamic private sector, and reinforced by the healthy labor market.

She also said that Davao Region has fully regained its economic strength and when its economic output is viewed in current prices, Davao Region is now a trillion-peso economy, with around P1.095 trillion total value of output.

Lim also explained that the 8.1% growth rate was mainly driven by the accelerated growth of the services sector, and agriculture, forestry, and fishing.

“The better performance of the economy is indicative of the efforts of both the government and the private sector to restore the regional economy’s high-growth trajectory by boosting economic activity and production and helping businesses grow while creating more and better-quality jobs, improving infrastructure, and accelerating poverty reduction,” she said.

She also said that the resumption of face-to-face classes and increased tourism activities also reflect an improvement in consumer and investor confidence in Davao Region.

Lim explained that the region increased its economic output by P71.8 billion in 2022, bringing its total output and economic value to P954 billion (in constant prices).

Lim also mentioned that the Davao Region remains the largest regional economy in

Mindanao in 2022, accounting for 4.8 percent of the gross national product, adding that the region is confident of remaining the main economic center of the southern Philippines.

“It is poised to increase further its contribution to the country’s GDP in the coming years, as we position Davao Region as an international logistics hub in Mindanao,” she said.

Meanwhile, Lim also shared some of the development prospects for the Davao Region in the