The Autonomous Region in Muslim Mindanao (ARMM), which now make up the core territory of the Bangsamoro Autonomous Region, posted a 7.2 percent growth rate in its Gross Regional Domestic Product (GRDP) for the year 2018.
The latest economic data were announced by the Philippine Statistics Authority in a news conference on Thursday, April 25, in Cotabato City.
With 55.6 percent contribution, Agriculture, Hunting, Forestry and Fishing (AHFF) remained to have the largest share in the region's total economic performance. It is followed by the Services sector with 38.5 percent, and Industry sector with 5.9 percent.
PSA-BARMM Director Razulden Mangelen said the GRDP is a tool to monitor the economic performance of a region. It covers the value of goods and services produced in the region.
“ARMM or the now BARMM, remains as persistent and predominantly agriculture-based,” said Mangelen.
In 2015, the ARMM’s economy contracted and registered a negative 0.4% growth rate. It partially recovered in 2016 with a positive 0.3% increase. While in 2017, its growth rate peaked at 7.3% – the highest economic growth rate in the region’s history.
In his message read by Finance Minister Eduard Guerra, Bangsamoro Chief Minister AlHaj Murad Ebrahim said the region's growth rate proves that the Bangsamoro can be at par with other regions.
"This is a great development for us. Your Bangsamoro Government vows to continue this feat as part of our moral governance," he said.
Since the establishment of the new Bangsamoro government, Ebrahim said investors have signified their interest in investing in the region. “Numerous entities have trusted and shown support in generating jobs for the Bangsamoro people. It will help with the growth of our GRDP,” he said.
The ARMM has been deemed abolished following the ratification of the Bangsamoro Organic Law in two separate plebiscites held in January and February this year. (BARMM Government/PIA-10)
Receive email updates from Mindanao Daily News.