Baguio City, Philippines – While estimates on the Cordillera’s economic performance in 2020 are yet to be released, National Economic and Development Authority – CAR cited indicators on how the region performed.
NEDA – CAR Assistant Regional Director Stephanie Christiansen, during the Kapihan sa Baguio this February 3, first pointed that the regional economy in 2019 grew by 4.3% wherein services sector was leading.
“Yung estimates natin ng regional economy for 2019 nag grow tayo ng 4.3% and our economy then was being led by services sector,” she said.
However, these services sector was greatly affected by the pandemic.
“Ang services sector ang isang malaking natamaan ng Covid-19 because under this sector meron kayong wholesale and retail trade, we have felt that ang impact ng Covid doon with the closure of many businesses,” she said.
Another point is the assessment they did in April 2020 on the estimate loses in the region wherein 15.6 billion was estimated.
“Ang total loses estimated sa region as of April was 15.6 billion which is about 4.8 percent of the ... gross regional domestic target natin for the year and we expect na mas lalaki pa ito because nagprolong yung ating lockdowns although calibrated yung openings throughout the year of 2020,” Christiansen explained.
Further, the assistant regional director also related the performance of the economy in terms of its ability to uplift economically challenged individuals from the poverty incidence wherein in 2018, the poverty incidence in the region was 12% as compared to the 22% in 2015.
“Ibig sabihin in 2018, we were able to uplift the lives of 172,900 away from the poverty threshold but the pandemic so otherwise it added to this,” she said.
Lastly, another indicator Christiansen mentioned is the overall employment wherein the survey conducted in January 2020 showed 2.8% unemployment rate in the Cordillera. This means 21,244 people cannot find a job.
However, the unemployment rate after the lockdown imposed on Luzon increased.
“Imagine our unemployment rate was 25.3 and we’re talking about 174,214 people and of course pati yung under employment, yung mga people who work less than 40 hours, lumaki din,” she said.
Meanwhile, just this February 1, 2021, President Rodrigo Duterte said that the Philippines is losing 2 billion pesos a day due to Covid-19.
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