BENGUET’S ECONOMY SLOWS DOWN IN 2022; AGRICULTURE REMAINS TOP CONTRIBUTOR

December 9, 2023 Agriculture Metro BLISTT

Innovate agricultural practices to meet food sufficiency, global competition-PSA official

BAGUIO CITY

Benguet economic performance in 2022 has slowed down to 5.1 percent as compared to its 6.1 percent in the previous year, the Philippine Statistics Authority-Cordillera (PSACAR) said on Monday (Dec.4). Benguet has a 23.3 percent share from region’s P337.66 billion gross domestic product (GDP). The GDP represents the monetary value of all final goods and services produced
within the economy in a given period of time.

A senior PSA official said unless the agriculture department and local farmers come up with innovative measures, adopt modern agricultural technology, and put value-added on farm products, the province’ agricultural industry remains to be threatened. In fact, rampant smuggling
has affected the province vegetable industry and the lack of post-harvest facility contributed to the problem.

However, agriculture , wholesale and retail trading, and financial-insurance activities are the top three contributors to Benguet’s economy in 2022, Philippine Statistics Authority-Cordillera
(PSA-CAR) said. Imelda Buyuccan, chief statiscal specialist of the Philippine Statistics Authority (PSA) in the Cordillera Administrative Region – Benguet, in her report on the 2022 Provincial Product Accounts (PPA) on Monday (Dec.4)0, the Gross Domestic Product (GDP) of the province
in 2022 is valued at P78.78 billion, an increase of P3.79 billion from 2021 level of P74.99 billion.

Agriculture, forestry and fishing posted a 15.9 percent share followed by wholesale and retail trading; repair of motor vehicles and motorcycles with 15.8 percent share while financial and insurance activities with 12.8 percent share. In terms of the share of the major industries to the GDP , Services dominated, accounting for 61.5 percent of the province’s economic performance. Industry shared 22.6 percent while agriculture, forestry, and fishing had a 15.9 percent share.

And the top three fastest growing industries are other services; accommodation and food services and transportation and storage. The agency also reported that Benguet has per capita gross domestic product of P157,954. PPA is a source of economic indicators, which is used by various stakeholders in monitoring economic growth and development at the local level. It also serve as a means to derive the Gross Domestic Product (GDP) of the provinces and highly urbanized cities
(HUCs) to provide a suitable measure of economic performance at the provincial level. The PPA exercise also strengthens the planning and decision-making of provincial policymakers and stakeholders in crafting more informed economic policies.

Primo Agatep/ABN