Posted on May 5, 2017
Because of the positive growth of Davao City’s Service Sector and Business Process Outsourcing (BPO) industry the National Economic Development Authority (NEDA) regional Director Maria Lourdes Lim held a press conference last Thursday at The Royal Mandaya Hotel and announced that the region’s economic performance in 2016 surpassed the target growth set at 8.2 to 9.4 percent.
The region’s gross regional domestic product (grew) by 9.4 in 2016; Davao Region is now the highest among Mindanao’s six regions and third highest among 18 regions in the country.
According to NEDA-Davao Director Maria Lourdes Lim the Service Sector contributed the biggest at 51.1% to the GRDP growth, followed by industry like outsourcing companies with 36.7 and agriculture, hunting, forestry and fishing (AHFF) with 12.2% share.
The services sector registered a sustained 7.5% growth for 2015 until 2016.This sector was valued last year at P170.2 billion, surpassing the lower limit target of 7.4% on the back of strong financial and trade subsectors.
Also, she said Information Communications Technology-Business Process Outsourcing (ICT-BPO) continued to expand. It already has 32 ICT firms with more than half operating in the “voice” sector which is also a big help in the economic growth of the region.
She also said that the Davao Region is growing and will achieve its 2017 target which is 8.6 to 9.6 due to the priority given to the development of Mindanao and Davao Region with the accelerated government spending to fast-track the implementation of big ticket projects like the Davao By-Pass Road, Davao City Coastal Road Development Project, Davao Food Terminal Complex, and initial phase of the Mindanao Rail System – Tagum-Davao-Digos line, and because of this future projects, Davao City expect more interest from the foreign Investors especially in business process outsourcing (BPO) industry that can open more opportunities for the Filipino living in the region.
Davao region’s economic growth 3rd highest in PH, Manila Bulletin News