The Philippine Statistics Authority (PSA) recently unveiled a report showcasing the remarkable economic growth of highly-urbanized cities (HUCs) outside the National Capital Region (NCR), with Puerto Princesa City spearheading the surge.
According to the Provincial Product Accounts (PPA) released on Tuesday, March 5, Puerto Princesa City recorded a staggering 14.7% expansion in its economy in 2022, outpacing the national gross domestic product (GDP).
This growth trend was not exclusive to Puerto Princesa City; nearly all HUCs outside the NCR demonstrated accelerated economic advancement, promising sustained development as resources are optimally utilized. Tacloban City and Lapu-Lapu City closely trailed behind, registering growth rates of 13.8% and 13.2%, respectively.
Davao City, on the other hand, notably led in contributing to the national GDP, holding a share of 2.5% in 2022, followed by Cebu, Cagayan de Oro, and Baguio, with shares of 1.5%, 1.3%, and 0.8%, respectively. John Paolo R. Rivera, President, and Chief Economist of Oikonomia Advisory & Research, Inc., emphasized the necessary role of technology and innovation in managing challenges such as population growth, employment opportunities, and environmental preservation to ensure sustained growth among HUCs.
Rivera attributed the rapid growth of HUCs to their significant potential for expansion compared to the NCR, coupled with ample resources. As these cities continue on their trajectory of growth, attention to strategic planning and investment in key sectors will be fundamental in harnessing their full potential and fostering inclusive development.