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CagVal's economy is predominantly services-based


Philippine Information Agency
27 Nov 2020

TUGUEGARAO CITY, Cagayan, Nov. 27 (PIA) - - Cagayan Valley region is basically a service-based region as reflected on the results of the 2019 Regional Economic Performance Report.

Marilyn T. Estrada, regional director of the Philippine Statistics Authority region 2, said the region's economy grew by 6.7 percent in 2019 in which services contributed the biggest with 3.9 percentage points, followed by agriculture, forestry and fishing with 2 percentage points, and industry had the least contribution at 0.8 percentage points.

Looking into the region's total economy, Estrada said, among the three economic industries, services accounts the largest share of 44.1 percent while agriculture, forestry and fishing shared 28.1 percent and industry shared 27.8 percent.

Among the subsidiaries, the biggest contributor to the services is the wholesale and retail trade with 27.9 percent, followed by education with 15.5 percent, and transportation and storage with 13.7 percent.

"On the other hand, professional and business services contributed the least to the total services output at 1.6 percent, followed by other services at 2.4 percent and accommodation and food services at 4.0 percent," Estrada said.

For the industry, the construction sector contributed 49.6 percent, followed by the manufacturing with 32.4 percent, then electricity, steam, water and waste management at 9.6 percent, while the mining and quarrying have the least share at 8.4 percent.

Estrada also said that in terms of growth rates by industry, financial and insurance registered fastest growth with at 17 percent, while the construction, and professional and business services took the lowest growth at 0.6 percent 3.1 percent, respectively.

"Among these industries, mining and quarrying pulled down the region's economic growth by registering a negative 2.9 percent," Estrada added.

Despite this, Estrada said region 2 remains to be an agricultural region being consistent top producer of corn and second in palay. (MDCT/OTB/PIA 2-Cagayan)

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