Cordi posts 6.9% growth in 2023

I-kabayans perform the “bindiyan” dance which highlights the 15th Eco-Tourism and Bindiyan Festival in Kabayan, Benguet on May 1, 2024. The celebration showcases the rich culture and tradition of Kabayan and their pride in terms of tourism. Mayor Florante Bantales Jr. and Vice Mayor Mike Badival together with the other municipal officials and employees, barangay officials and other guests from the provincial government, line agencies, law enforcement agencies and members of the community joined the dancing of the bindiyan dance during the celebration. Bindiyan is a traditional circle dance symbolizing the unity and harmony of the Ibaloi community. It originated from the municipality of Kabayan which is known as the seat of Ibaloi culture and the Kalanguya civilization. ** RMC PIA-CAR
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The Gross Regional Domestic Product (GRDP) growth of the Cordillera, a key indicator of the region’s economic performance, was unveiled during a news conference organized by the Philippine Statistics Authority (PSA) on April 25, 2024 in Baguio City. With a 6.9 percent economic growth in 2023, the Cordillera Administrative Region solidifies its position as one of the top-performing regional economies in the Philippines, ranking as the fourth fastest-growing regional economy. PSA-CAR Dir. Villafe Alibuyog reported that the growth was fueled by contributions from the services sector which posed 8.9 percent growth and the industry sector at 4.3 percent, while the agriculture, forestry, and fishing (AFF) sector contracted to 1.3 percent.
In the statement of NEDA Regional Dir. Susan A. Sumbeling delivered by OIC-Asst. Regional Dir. Jose H. Dado, Jr., it was highlighted that the sustained growth in economic output reflects the region;s productivity. “Economic growth means increases in the production of goods and services that are valued by our people, providing the means for a better standard of living in the region”, OIC-ARD Dado, Jr. said. He emphasized that the region’s economic growth demonstrates the strong partnerships among the government, private sector, civil society organizations, and regional stakeholders in implementing and monitoring relevant regional development plans, programs, and projects. These collaborations significantly contribute to bolstering the regional economy, driving it towards a high-growth trajectory that is both inclusive and sustainable.
In 2023, the AFF sector of the region, known for its susceptibility to various multidimensional shocks including disasters and biological hazards, continued to experience a slowdown. Mr. Charles A. Picpican, Project Evaluation Officer of the Department of Agriculture (DA-CAR), assured the public of their ongoing commitment to implementing targeted programs that support farming communities. He also said that the Department will continue assisting the local government units in formulating and implementing localized and harmonized agriculture plans and programs.
Looking forward, OIC-ARD Dado, Jr. expressed the region’s unwavering commitment to addressing immediate challenges on the path to socioeconomic transformation and will continue to foster an enabling environment through a more responsive and accessible government, sustainable natural resource management, and culture-sensitive development.
Encouraging active participation in the region’s development endeavors, he emphasized, “The socioeconomic transformation we aspire to, both for ourselves and future generations, requires the active participation of everyone”. He also encouraged everyone to familiarize themselves with the region’s development plans and efforts to identify areas of cooperation.
NEDA and PSA were joined by the DA, Bangko Sentral ng Pilipinas, Department of Trade and Industry, Department of Public Works and Highways, and Philippine Chamber of Commerce and Industry as resources panel during the news conference.
Complete details of CAR’s Regional Product Accounts can be accessed through this link: https://psa.gov.ph/statistics/grdp. For the full statement on Cordillera’s economic performance, visit the NEDA-CAR website at https://car.neda.gov.ph/.**Legriv Vilee Marquez


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