CEBU, CITY, Cebu, Dec. 10 (PIA) -- The Philippine Statistics Authority Region 7 (PSA-7) has recently launched the first ever "Provincial Product Account" (PPA) in Central Visayas.
During the dissemination forum held Dec. 1, the PSA-7 introduced PPA as its newest statistical product, which provided a report on the economic performance of the Province of Cebu and the three highly urbanized cities (HUCs) of Cebu, Mandaue, and Lapu-Lapu for the years 2018 to 2020.
The PPA provides indicators of the economic development and progress, monitors the behaviors, and judges the relative success of the economic policies at the local level.
It will also serve as a metric to determine which sector or industry needs intervention for its sustainability.
PSA-7 Regional Director Engr. Ariel Florendo led the introduction of the PPA.
In his message, he described the said launching as a historic and momentous event, as over the years, it was a challenge for the local government units (LGUs) to measure their local economic performance.
He also looks forward to the continued commitment and support from the LGUs, national government agencies, stakeholders, and other partners who were part of the conduct of activities in the compilation of the PPA.
Meanwhile, PSO-Cebu Chief Statistical Specialist Firmo Diputado, in his presentation of the PPA results, said that PSA-7 has delivered a statistical milestone that will strengthen the planning and decision-making of provincial policy makers and stakeholders in formulating more informed economic policies.
PPA reported that the top three contributors to the economic growth of the Province of Cebu for 2018 to 2020 are the construction industry, wholesale and retail trade, and financial and insurance activities.
The top contributors to the economic growth of Cebu City in the same period are wholesale and retail trade, repair of motorcycles and vehicles, financial and insurance activities, and real estate and ownership of dwellings.
The top three provinces and HUCs with highest three-year average share from 2018 to 2020 on the Gross Domestic Product (GDP) of Region 7 are as follows; Cebu Province (30.7%), City of Cebu (22.1%), and Bohol province (13.2%).
In 2020, Central Visayas posted a decline of 9.9% on its GDP.
