In 2019 the Bangsamoro Autonomous Region in Muslim Mindanao ranked 7th among all regions in the country in terms of Gross Regional Domestic Product (GRDP) and Gross Regional Domestic Expenditure (GRDE) growth rate, according to the Philippine Statistics Authority – BARMM.
With 40.4% contribution, the Service Sector had the largest share in the region’s economic performance. It was followed by the Agriculture, Forestry, and Fishing (AFF) Sector with 34.5%, and the Industry Sector with 25.1 percent.
Majority of the percentage of the drivers of economic growth in the Bangsamoro Region comes from the Private Sector.
Unfortunately, the COVID-19 pandemic has caused serious economic shocks all over the world, and neither the Philippines nor the BARMM region was spared from its devastating effects.
According to “The Socioeconomic Impact Assessment of COVID-19 on the Bangsamoro Autonomous Region in Muslim Mindanao” done by the United Nations Development Programme, recommends the increase in private and government spending on consumables, increase in public investment scenario, and improvement in technology in order to create faster economic growth and contribute to positive medium-term development prospects for the BARMM from 2020-2022.
The Private Sector has and will always be crucial partner of the Bangsamoro Government in pursuing greater economic growth for the Bangsamoro Region. Hence we reflect that with our theme for this year’s Bangsamoro Labor Day, “Mangagawa: Kabalikat ng Pagbabago at Kaunlaran sa Bangsamoro”.
We take this day to honor and celebrate all of our workers in the private sector, whether they belong to the service, agriculture, industrial, and even informal sector. The government cannot kick start economic recovery on its own. The push has to come from the private sector, with the government offering its full support in order to ensure a more dynamic business environment for economic growth.
With that said, I would like to greet everyone a very Happy Labor Day!
