NEDA Region IV-A Director Luis Banua delivering the Statement on the Policy Implications of the 2021 Regional Economic.
GRDP Growth Rates (in percent) at constant 2018 Prices, 2020-2021.

CALABARZON Region recorded the fastest economic growth among all regions in the country with a 7.6 percent Gross Regional Domestic Product (GRDP) growth rate and GRDP amounting to PHP2.73 trillion based on the recent release of the 2021 Regional Economic Accounts by the Philippines Statistics Authority.

This was a big bounce back from a contraction of 10.5 percent in 2020 and was well above the lower end of the 2021 growth rate target of 5.9 percent. CALABARZON’s industry and services sector posted growths of 11.2 percent and 5.9 percent, respectively. The main drivers of the outstanding performance were construction (21.4%), mining and quarrying (20.9%), and manufacturing (11.0%) subsectors.

Only the agriculture, forestry, and fisheries sector recorded a contraction of 9.4 percent which may be attributed to the damages brought by Typhoon Odette towards the end of 2021. Furthermore, the continued prevalence of African Swine Fever outbreak which slumped livestock production, and other weather disturbances negatively affected production which have also contributed to the poor performance of the sector.

In the recently held news conference on the 2021 Economic Performance of CALABARZON, NEDA Region IV-A Director Luis G. Banua underscored the actions that must be prioritized in the region to sustain these economic gains. Consistent with the 10-Point Policy Agenda to boost recovery, these actions include: a) ensuring safe re-opening of the economy; b) supporting the recovery of the tourism sector; c) maintaining a stable inflation rate; and d) preventing contraction in key sectors. “The region will be able to sustain its economic and social recovery with all sectors of society working together to implement these key policy agenda”, Director Banua added.

Aprille M. Suyat, NEDA Region IV-A | April 29, 2022