Bicol posts fastest economic growth in 2015 —PSA

The Bicol Region recorded the fastest economic growth among the country's 17 regions in 2015, the Philippine Statistics Authority (PSA) reported Thursday.

According to PSA's data, Bicol's gross regional domestic product (GRDP) grew by 8.4 percent last year from 4.3 percent in 2014.

"Aside from having the highest growth rate, Bicol also exhibited the biggest acceleration at 4.1 percentage points," PSA said.

Western Visayas and Davao Region followed with 8.3 percent and 7.9 percent, respectively.

The economy of Autonomous Region in Muslim Mindanao (ARMM), meanwhile, posted a decline of 0.8 percent.

Aside from Bicol Region, five other regions also recorded increase in its GRDP.

CALABARZON grew from 5.1 to 5.9 percent while National Capital Region (NCR) posted a 6.6 percent growth from 5.9 percent.  Zamboanga Peninsula grew 7.2 percent from 6.6 percent, and Cordillera Administrative Region (CAR) recorded a GRDP of 3.7 percent from 3.3 percent.

Eastern Visayas rebounded from a 2.4 percent contraction in 2014 to a growth of 3.9 percent im 2015.

MIMAROPA posted the biggest decline at 6.6 percentage points, from 8.3 percent in 2014 to 1.7 percent in 2015.

Other regions which slowed down in 2015 were Caraga, 9.4 to 4.2 percent; Central Luzon, 9.3 to 5.3 percent; Cagayan Valle, 7.2 to 3.7 percent; Central Visayas, 7.8 to 4.8 percent; SOCCSKSARGEN, 6.2 to 3.3 percent; Northern Mindanao, 7.1 to 5.5 percent; Davao Region, 9.3 to 7.9 percent; and Ilocos Region, 6.4 to 5.0 percent.

ARMM’s economy declined from a growth of 3.0 percent in 2014 to a contraction of 0.8 in 2015.

Meanwhile, NCR remained to be the largest contributor of the country's Gross Domestic Product (GDP) at 36.5 percent. It was followed by CALABARZON with a 17.2 percent share and Central Luzon with a 9.3 percent share.

ARMM accounted for the smallest share of the national economy at 0.7 percent.

"In terms of contribution to the national GDP growth rate of 5.9 percent in 2015, NCR contributed the highest at 2.4 percentage points, followed by CALABARZON with 1.0 percentage point and Central Luzon with 0.5 percentage point," the PSA said.

"ARMM pulled down the national growth rate by 0.01 percentage point," it added. —KBK, GMA News