BAGUIO CITY – The services sector continues to drive the economy of this city and Benguet province, the two largest economies in the Cordillera Administrative Region (CAR), after these expanded by 9 per-cent and 5.1 percent, respectively, in 2023. Villafe Alibuyog, PSA-Cordillera director, reported on Tues-day that Baguio’s economic output in 2023 was recorded at PHP169.12 billion, higher than the PHP155.11 billion in 2022.
“The city remained the fastest growing economy among all the provinces and highly urbanized city in the Cordillera at 9 per-cent. The estimated Gross Domestic Product of the city in 2023 continued to surpass the pre-pandemic level by PHP16.26 billion,” she said.
In 2019, the city registered an annual output equivalent to PHP152.86 billion. In terms of growth, however, the city posted a slower expansion in 2023 compared to the 11.4 percent in 2022.
The director said majority of the industries in the city grew in 2023, with accommodation and food services being the
fastest at 34.3 per-cent; followed by other services, 29.8 percent; and transportation and storage, at 16.4 percent. “Baguio City continued to be services-driven, constituting 73.7 percent of the GDP,” she said. Alibuyog said Baguio is the biggest economy in the Cordillera, accounting for 46.8 percent of the total last year. Benguet trails next at 22.9 percent and is followed by Kalinga, 8 percent; Ifugao, 7.4 percent; Abra, 7.1 percent; Mountain Province, 4.4 percent; and Apayao, 3.3 percent. Last year,
Benguet’s economy, as measured by GDP, grew by 5.1 percent. “From PHP78.78 billion in 2022, the province grew to PHP82.79 billion in 2023 which is mainly driven by services sector that contributed 63.2 percent,” said Benguet chief provincial statistical specialist, Imelda Buyuccan, during the same briefing. Buyucan said the fastest growths were observed under the services sector, with other services at 46.3 percent, accommodation and food service activities at 25.9 percent, and transportation at 17.7 per-cent.
According to the PSA, the revival and boost in the tourism industry are driving the region’s economy. **Liza Agoot
