CITY OF SAN FERNANDO, Pampanga — The Gross Regional Domestic Product (GRDP) of Central Luzon has increased by P2.3 trillion or 6.1 percent this 2024.
According to National Economic and Development Authority (NEDA) Regional Director Nerrisa Esguerra, the increase in Central Luzon’s GRDP shows the economic resilience despite the challenges faced by the region.
But Esguerra said that the P2.3-trillion GRDP is lower than the 8.1 percent growth rate in 2022, adding that the region has certainly recovered from the severe impact of the Covid-19 pandemic, adding that all provinces and highly urbanized cities posting positive growth rates ranging from 4.6 to 7.5 percent.
She added that both highly urbanized cities like Angeles and Olongapo have registered the fast growth of about 7.5 percent, while the provinces of Bulacan and Pampanga that are nearest to the National Capital Region have maintained their position as the region’s primary economic drivers, collectively accounting for approximately 50 percent of the region’s total output in 2023.
The services sector remains to be the primary driver of Central Luzon’s economic growth, contributing about 47 percent, surpassing pre-pandemic levels since 2022.
“The services sector continues to demonstrate a robust performance. Therefore, it will be crucial to sustain its growth and ensure that services are linked and add value to the outputs of the industry and agriculture sectors,” Esguerra said.
Among the initiatives to sustain growth in the services sector is to increase access of micro, small and medium enterprises to available digital technology so they can adopt e-commerce, make their operations more efficient, and expand their market
NEDA said industries must also partner with the academe and other institutions to upskill the workforce through learning programs that will match existing and anticipated job opportunities in the region.