The National Capital Region (NCR) economy revived last year from double-digit contraction in 2020, but still remains below the national average, the Philippine Statistics Authority (PSA) reported on Thursday.
Preliminary results from recent regional accounts show that NCR’s economic output grew 4.4% last year, reversing a 10% decline in 2020. However, it was still less than 7% growth in 2019
At current prices, the Metro Manila economy is estimated at P6.158 trillion last year, up 6.2% from P5.801 trillion in 2020. Nevertheless, it was less than the pre-epidemic 2019 P6.294 trillion.
All 17 regions posted growth, reflecting the upward revised 5.7% growth of the Philippine economy in 2021.
However, Metro Manila’s economic growth has fallen below national production. Other regions that missed 5.7% national growth last year were Central Visayas (5.4%), Soksaksargen (5.2%), Cagayan Valley (5.1%), Ilocos Region (4.4%), Bikol Region (4.3%), and Mimaropa Region. (3.3%).
Calabarzon, on the other hand, led 17 regions with a growth of 7.6% last year, a change from a 10.5% decline in 2020. It covers the Bangsamoro Autonomous Region (-1.9% to 7.5%), the Cordillera Administrative Region (-10.2% to 7.5%), and the Central Luzon (-13.9% to 7.4%) in Muslim Mindanao.
The capital region was the largest contributor to national economic output last year with a 31.5% share, slightly lower than the 31.9% share in 2020. Metro Manila followed by Calabarzone with 14.7%, Central Luz with 10.7% and Central Visayas with 6.5%.
On a per capita basis, NCR grew 3.2% last year, reversing the 11.1% decline in 2020. It was slower than the 5.6% growth in 2019 – Bernadette Theresie M. Gadon