TAGBILARAN CITY, Bohol (PIA) – While many Boholanos still believe that agriculture and fisheries dominate the sources of the local products, it is worth noting that agriculture, forestry and fishing still sits at the tail-end of industry growth rates as Bohol economy accelerates to 7.1% in 2022.
Had agriculture forestry and fisheries gain enough momentum for the year, its huge share of 11.7 % on the economy should have been lending a much higher GDP, data from the Philippine Statistics Authority (PSA) detailing on the Bohol Provincial Product Account in their data dissemination recently.
Owning the biggest growth rate for 2022, as to the PSA data is accommodation and food services industry and transportation and storage bunched with other services and construction all enjoyed double figure growth rates.
Food Services, Accommodation, and other services now make up 74% of the local economy, easily sowing out agriculture which has only some 11.7% share and Industry which has 14.3% share in the provincial economy.
Accommodation and Food Services including other services, serve the new wonder economic engine: tourism.
With the 7.1% growth rate for its Gross Domestic Product (GDP), the estimated P171.09 billion is in fact, higher than 4.4% growth rate in 2021 which earned for Bohol an estimated P159.82 billion.
In the last two years, the surge this year is even made more impressive as 2000 shows a negative 6.3% GDP with the pandemic keeping economic activities on tight rein.
According to the Philippine Statistics Authority, except for Bohol’s banner industry in the late 60s, agriculture, Forestry and Fishing still could not cope up with the rather barging accommodation and food service activities industry, which enjoyed a spectacular 53.6% growth rate from 2021 to 2022.
Bohol’s decision to open up its economy, which is now dominated by services in the tourism industry, did not fail as transportation and storage grew by 47.6%.
Although now starting to become a concern in Bohol, the easy installment plans for motorcycles and motor vehicles, owing to the need for Boholanos to get to work with limited public transport system then has pushed up an huge industry sector in repair for motorcycles and motor vehicles, which when combined with wholesale and retail trade, makes up to 33% of the local economy.
Industry-wise, the growth in wholesale and retail as well as motorcycles and motor vehicles repair with 33% share, plus financial and insurance activities with 8.8% share and agriculture, forestry and fishing with 11.7% share in the economy propelled Bohol’s recovery streak.
During the 2022 Provincial Products Account public presentation and data dissemination, Jessamyne Anne Alcazaren showed that among the industries, construction which takes 7.0% share of the economy had a dismal performance, despite a 25.5 % growth rate, considering that public spending in 2022 slackened.
Mining and quarrying, which the administration of Governor Erico Aristotle Aumentado picked for streamlined processes to rid of corruption posted a 9.7% growth rate but it is less than 1% of the local economy.
Manufacturing industry also posted a 5.2% growth rate while it sits on a 5.9% share of the economy, while electricity, steam, water and waste management registered a 0.6% growth rate and is less than 1% of the local economy.
Even then, at an estimated P171.09 billion economy, Bohol remains to be the third largest economy in Region 7, according to the PSA. (rahc/PIA-7/Bohol)
