The year 2022 was a remarkable one for the economic performance of the provinces and highly urbanized cities in the Philippines. The services sector, in particular, saw significant growth, contributing to the national gross value added as of November 2023. Here are the top 10 provinces and cities that led the way:
- Cavite - With an economic growth value added of services at 3.0%, Cavite tops the list. The province’s robust services sector has been a key driver of its economic growth.
- Laguna - Close behind is Laguna, with a growth value added of 2.9%. The province’s diverse services sector has been instrumental in its economic performance.
- Bulacan - At 2.8%, Bulacan takes the third spot. The province’s strong services sector has significantly contributed to its economic growth.
- City of Davao - With a growth value added of 2.7%, the City of Davao ranks fourth. The city’s vibrant services sector has been a major factor in its economic performance.
- City of Cebu - At 2.1%, the City of Cebu takes the fifth spot. The city’s dynamic services sector has played a crucial role in its economic growth.
- Cebu - With a growth value added of 1.9%, Cebu ranks sixth. The province’s diverse services sector has significantly contributed to its economic performance.
- Rizal - Also at 1.9%, Rizal takes the seventh spot. The province’s robust services sector has been a key driver of its economic growth.
- Pampanga - With a growth value added of 1.9%, Pampanga ranks eighth. The province’s vibrant services sector has been a major factor in its economic performance.
- Batangas - At 1.8%, Batangas takes the ninth spot. The province’s dynamic services sector has played a crucial role in its economic growth.
- City of Cagayan - With a growth value added of 1.6%, the City of Cagayan rounds out the top 10. The city’s diverse services sector has significantly contributed to its economic performance.
These figures reflect the economic growth value added of services in each location, encompassing various industries such as wholesale and retail trade, repair of motor vehicles and motorcycles, transportation and storage, accommodation and food service activities, information and communication, financial and insurance activities, real estate activities, professional scientific & technical activities, administrative & support service activities, public administration & defense compulsory social security education human health & social work activities arts entertainment & recreation other service activities.
The economic performance of these provinces and cities underscores the importance of the services sector in driving economic growth and development. As we move forward, it will be interesting to see how these trends evolve and which locations will lead the way in the coming years. Stay tuned for more updates on the economic performance of the provinces and highly urbanized cities in the Philippines.