The Philippine Statistics Authority (PSA) – Cordillera Administrative Region (CAR) presented the City Gross Domestic Product (CGDP) of the City of Baguio to Mayor Benjamin B. Magalong at the Baguio City Mayor’s Office last 25 January 2023. CGDP is the measure of the economic well-being of the locality by compiling all the economic outputs of all industries using the production approach.

PSA-CAR Chief Statistical Specialist Aldrin Federico R. Bahit, Jr.  reported to the mayor that the city’s economy grew by 9.9 percent in 2021.  The total Gross Value Added (GVA) (economic output) of the city was estimated at PhP 139 billion at constant 2018 prices.  This is yet to reach the pre-pandemic levels and the city’s total economic output needs to grow by 9.8 percent in 2022 to break even with 2019 levels. The city has the largest share to the economy of Cordillera with 44.8 percent share.

The per capita Gross Domestic Product (GDP) of the city in 2021 was estimated at PhP 379,712. Only the City of Baguio has a per capita GDP higher than the regional level and higher as well than the national level.

As to distribution of major industries, the structure of the city’s economy was predominantly Services-based. Among the 16 highlighted industries, the sectors with largest contributions to the city’s economy were: Manufacturing with PhP 31 billion GVA; followed by Trade with PhP 23 billion; and, Financial and Insurance Activities (FIA) with PhP 20 billion GVA.

The fastest growing industry in the City of Baguio in 2021 was Human Health and Social Work Activities with 22.4 percent growth. This was followed by Manufacturing (MFG) and Accommodation and Food Service Activities (AFSA) with 22.2 percent and 21.3 percent growth, respectively.

Ranking second for the fastest growth, Manufacturing topped the sub-industries for the contribution to growth of the economy of the City of Baguio in 2021 with 4.4 percentage points.

FIA was the second largest contributor to growth with 1.5 percentage points, followed by AFSA with 1.1 percentage points.

Mayor Magalong acknowledged the importance of the City Product Accounts project and is looking forward to more strategic collaborations with PSA. With what the mayor sees as more robust economic activities of the city, he is forecasting a double-digit growth rate of the economy of Baguio for 2022. The scheduled dissemination of the 2020 to 2022 PPA of Baguio will be conducted by November or December of this year.

VILLAFE P. ALIBUYOG
Regional Director