Bohol runs third in CVGRDP contributions

CORTES, Bohol Dec 3 (PIA) –As the gross regional domestic product (GRDP) in Central Visayas surges to P1.195 trillion in 2021, Bohol contributes a third of it.

This as the economy starts to rebound, posting a 4.3% growth rate in 2021, a relatively high leap from the negative 6.3 % as posted in 2020, as to the Philippine Statistics Authority which set up the Provincial Product Account since it was piloted in Region 7 years back.

During the annual Dissemination Forum on the Provincial Products Accounts for Bohol held at the Harborview of the Bohol Tropics Resort, Philippine Statistics Authority (PSA) Provincial Statistician Jessamyne Anne Alcarazen said based on the 2018 constant price, Bohol’s gross provincial domestic product (GPDP) increased to P159.9 billion in 2021.

This is despite a P10 billion economic slump in 2020 from the 2019 GPDP.

GPDP is the standard measure of the value added, created through the production of goods and services in the region during a certain period. With that, it also measures the income earned from production, or the total amount spent on final goods and services.

According to the Philippine Statistics Authority (PSA), the increase is 4.3% from a negative 6.3 % in 2020.

For 2021, the top contributors to the GPDP in percentage points are wholesale and retail trade, including repair of motor vehicles and motorcycles at 1.5%, followed by education at 0.7% and information and communication at 0.5%.

Picking tourism as another major economic engine which could address a multitude of un-employment issues as well as investments, the pandemic which has practically halted tourism led thousands of tourism workers jobless, denting so much on the services sector and dragging its contribution to the economy to the ground.

The lockdowns and the travel restrictions including the work safety protocols may have hit the services sector, but Agriculture, Forestry and Fisheries stepped in, while services sector rolled off again towards the end of the first half of 2021, enough to post positive growth.