GENERAL SANTOS CITY (Mindanao Examiner / July 30, 2013) – The economy of SOCCSKARGEN Region posted a robust growth of 8.1% in 2012 from 5.3% in 2011 as all its major sectors continued to expand, according to the Philippines’ National Statistical Coordination Board.
SOCCSKSARGEN is an acronym that stands for the region’s four provinces and one of its cities – South Cotabato, Cotabato, Sultan Kudarat, Saranganiand General Santos City in Region 12.
Herlita Caraan, NSCB-Region 12 head, said the Service sector, accounting the bulk of the regional economy, sustained its share of 37.2% in 2012. The Industry sector, accounting for 33% of the regional economy in 2012, slightly expanded from its share of 32.2% in 2011.
The Agriculture, Hunting, Forestry and Fishing sector contributed 29.9% of the region’s total economic output in 2012, slightly lower than its 30.6% share the previous year.
The Service sector almost doubled its previous year’s performance registering a growth of 8.1% in 2012 from a 4.3% growth in 2011. All its sub-sectors posted accelerated growths except Transport, Storage and Communication, which slowed down to 5.5% in 2012 from 7.3% in 2011.
Financial Intermediation posted an impressive growth of 12.6% from 4.7%, Real Estate, Renting and Business Activities grew by 10.5% from 6.8%, Trade expanded by 9.0% from 3.5%, Public Administration and Defense rebounded to 7.4% in 2012 from a negative 0.1% growth in 2011, while Other Services posted a growth of 6% in 2012 from 3.1% in 2011.
The Industry sector slightly expanded by 0.8% point from 10% in 2011 to 10.8% in 2012. The strong performances of Construction, Electricity, Gas and Water Supply, and Mining and Quarrying cushioned the lackluster performance of Manufacturing. Construction rebounded to 9.4% growth in 2012 from negative 12% in 2011.
The Electricity, Gas and Water Supply sub-sector expanded by 5% from 2.4%, while Mining and Quarrying expanded to 12.1% from 6.6%. Manufacturing, the biggest Industry sub-sector, decelerated to 12% from its 19.1% growth the previous year.
The AHFF sector grew faster at 5.4% in 2012 from a modest growth of 1.8% in 2011. Fishing, which comprised 5.2% share of the region’s AHFF, rebounded from negative 11.5% in 2011 to 16.8% growth 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 in the region.
Commercial fishing accounted for the biggest share of the region’s fishing industry at about 75%. General Santos City, a highly urbanized city of SOCCSKSARGEN Region, is tagged as the Tuna Capital of the Philippines.
The Industry sector contributed 3.5% points to the region’s economic growth in 2012 while the Service sector chipped in 3.0 percentage points. The Agriculture, Hunting, Forestry and Fishing sector managed to contribute 1.6 percentage points to the total economic growth of the region.
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