Region 12 posts 8.1% GDP growth in 2012

MANILA, Philippines - Growth from local industries and economic sectors pushed Region 12's gross domestic product (GDP) to 8.1 percent in 2012, the National Statistical Coordination Board (NSCB) reported on Monday.

Region 12, also called Soccsksargen (South Cotabato, Sultan Kudarat, Sarangani, North Cotabato and the cities of General Santos, Koronadal, Tacurong, Kidapawan and Cotabato), improved its economic performance by 2.8 percentage points in 2012 from a 5.3-percent growth rate due to expansions in major sectors in its economy, NSCB Region 12 Director Herlita Caraan said.

“The service sector almost doubled its 2011 performance, registering a growth of 8.1 percent in 2012 from a 4.3 percent growth in the previous year,” she said, adding that the sector accounted for the bulk of the regional GDP, sustaining its 37.2-percent share in 2012.

This was followed by the industry sector which inched up slightly from 32.2 percent to 33 percent, she said. Meanwhile, the agriculture, hunting, forestry and fishing sector made up 29.9 percent of the region’s total economic output last year.

Fishing, which made up 5.2 percent share in the sector, made a turnaround from -11.5 percent in 2011 to 16.8 percent in 2012.

"The lustrous performance was attributed to the remarkable increase in the region’s commercial fish production brought about by the lifting of the ban for tuna fishing in the deep seas around Indonesia, Papua New Guinea and Micronesia, which are the fishing grounds of fishing companies based in the region,” she said.