CALAMBA CITY — The economy of Calabarzon reached a new high of PHP3.10 trillion in 2023, as reported by the Philippine Statistics Authority during a press briefing on Thursday.
According to Philippines News Agency, regional director of PSA IV-A, the region's economy grew to this size despite a slight deceleration in its Gross Regional Domestic Product growth rate to 5.2 percent in 2023 from 7.8 percent in 2022. The economy was previously valued at PHP2.94 trillion in 2022 and PHP2.73 trillion in 2021.
The sectors driving this growth included Other Services, Accommodation and Food Service Activities, Construction, and Financial and Insurance Activities, with notable increases across these industries. Manufacturing and financial activities also contributed significantly to the region’s economic output. Calabarzon remains a major contributor to the national economy, accounting for 14.7 percent of the country’s total GDP and contributing 0.8 percentage points to the national GDP growth of 5.5 percent in 2023. Despite some declines in international trade, household final consumption expenditure increased, reflecting higher disposable income and purchasing power among residents. Armonia expressed optimism about the region's economic resilience and potential for sustained growth.