Maria Lourdes D. Lim, regional director of NEDA 11, stated during a virtual news conference for the 2022 Economic Performance of Davao Region, conducted by the Philippine Statistics Authority 11 (PSA 11), that the region's strong economic fundamentals, supported by a vibrant private sector, and strengthened by a stable labor market, were evident in the region's notable economic performance.
Additionally, she stated that the Davao Region economy has fully recovered and is now a trillion-peso economy with an estimated P1.095 trillion in total output when measured in terms of current prices.
Lim also explained that the 8.1% growth rate was mainly driven by the accelerated growth of the services sector, and agriculture, forestry, and fishing.
“The better performance of the economy is indicative of the efforts of both the government and the private sector to restore the regional economy’s high-growth trajectory by boosting economic activity and production and helping businesses grow while creating more and better-quality jobs, improving infrastructure, and accelerating poverty reduction,” she said.
She also said that the resumption of face-to-face classes and increased tourism activities also reflect an improvement in consumer and investor confidence in Davao Region.
Lim explained that the region increased its economic output by P71.8 billion in 2022, bringing its total output and economic value to P954 billion (in constant prices).
Lim also mentioned that the Davao Region remains the largest regional economy in Mindanao in 2022, accounting for 4.8 percent of the gross national product, adding that the region is confident of remaining the main economic center of the southern Philippines.
“It is poised to increase further its contribution to the country’s GDP in the coming years, as we position Davao Region as an international logistics hub in Mindanao,” she said.
Meanwhile, Lim also shared some of the development prospects for the Davao Region in the near and medium term.
Lim said the full and timely implementation of the Davao Regional Development Plan (DRDP) 2023-2028 is crucial as it aims to boost job creation and accelerate poverty reduction, returning the region’s economy to a high growth trajectory and maintaining the state’s position among the country’s five fastest growing regional economies.
According to the DRDP, 2023–2028, she claimed that one of the responsibilities of the Davao Region is to maintain high rates of economic growth. The economic growth rate must be maintained between 7.4 and 8.4 percent in 2023 and between 7.8 and 9.3 percent from 2024 to 2028 in order to achieve the "Ambisyon Natin 2040" and create more high-quality, environmentally friendly jobs. The Davao Region's unemployment rate must fall between 3.6 and 3.9 percent by 2028 in order to stimulate job growth, maintain stable commodity prices, and enhance the welfare of individuals and families.