Go for Green: Building Sustainable Growth Resiliency of MSMEs
By Alice Llamas
Last February 22, I attended Amcham’s Go for Green: Building Sustainable Growth Resiliency of MSMEs. The speaker for the event was Ms. Gina T. Gacusan, Regional Director, NEDA Regional Office 3. According to the speaker, our GDP in 2021 experienced a growth rate of 5.6%. For Gross Regional Domestic Product, the highest in the region was Central Luzon at 11%. For percentage share in the regional output, the first consisted of agriculture, hunting, forestry and fisheries sectors at 13.5%. Industry sector came in second at 39.9%, while the services sector was the third at 46.6%.
According to Ms. Gacusan, in the Gross Regional Domestic Expenditure rankings, the highest was Household Final Consumption at 93.6%, followed by Gross Capital Formation at 18.2%. Third was Government Final Consumption at 9.9% and last was Net Exports at 2.9%, totaling Php1.88 trillion.
The government’s efforts to fix disruptions in the supply chain caused by the pandemic stabilized the prices of goods and commodities in the region. The Average Inflation Rate by Commodity Group showed that the lowest was Recreation 0.2% and highest was transportation at 9.3%. Ms. Gacusan also mentioned that for Poverty Incidence among families from 1991 to 2018, Luzon scored the highest at 18.1% as of 2018.
Finally, she shared that in the Business Expectations Survey in the Fourth Quarter of 2021, business confidence turned optimistic in Q4 2021 and more buoyant for both Q1 2022 and the next 12 months. In Q4 2021, the outlook of business owners on the economy turned optimistic as the overall confidence index reverted to positive territory at 39.7 percent, the highest level since the onset of the COVID-19 pandemic in the country in Q1 2020, from 5.6 percent in Q3 2021. The positive index was a result of the combined effects of what was happening in the economy.
An engaging Q&A followed after the presentation.
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About the author:
Alice is a Group Managing Consultant for John Clements Consultants, Inc.
