CALABARZON’s economy continues to expand in 2022
The economy of CALABARZON grew faster by 7.8 percent in 2022, compared to 7.7 percent growth in 2021, as all industries posted positive growths. In terms of level, the regional economy reached PhP 2.94 trillion, which already surpassed its pre-pandemic level estimated at PhP 2.83 trillion in 2019.
The industries with the fastest growth were Other Services which include Arts, culture and recreational activities, personal services among others; and Accommodation and food service activities with 26.4 percent and 22.6 percent, respectively. Agriculture, forestry, and fishing (AFF) rebounded to a 1.7 percent growth, from a decline of -9.4 percent in 2021. (Figure 1)
Figure 1. CALABARZON, Growth Rates by Industry: 2021 – 2022
At Constant 2018 Prices, in percent
Source: Philippine Statistics Authority
The main drivers for accelerated growth were Manufacturing, which contributed
3.0 percentage points to the regional growth, posting a 7.0 percent growth. This was followed by Wholesale and retail trade; repair of motor vehicles and motorcycles,
10.2 percent; and Construction, 13.6 percent.
CALABARZON is the only predominantly Industrial region. Among the three major industries, Industry accounted for 50.8 percent of the region’s economy, and it grew by 7.2 percent. While, Services and Agriculture, forestry, and fishing, accounted for 44.7 percent and 4.5 percent, respectively.
Of the 7.6 percent growth in Philippines’ Gross Domestic Product (GDP) in 2022, CALABARZON contributed 1.2 percentage points, the second highest among the
17 regions. Moreover, the region also ranked second in terms of share, accounting for 14.8 percent of the total GDP.
CALABARZON’s Gross capital formation posts highest growth in the region
All major expenditure items posted positive growths with Gross capital formation recording the highest growth of 17.4 percent. It was followed by Household final consumption expenditure (HFCE) which grew by 8.4 percent from 4.7 percent growth in 2021. However, government spending in the region slowed down by 3.5 percent in 2022, from 5.3 percent in 2021. Exports and Imports of goods and services also decelerated to 3.3 percent and 7.6 percent, respectively. (Figure 2
Figure 2. CALABARZON, Growth Rates by Expenditure Type: 2021 – 2022 At Constant 2018 Prices, in percent
The per capita HFCE in the region was estimated at PhP 146,501 which grew by
6.5 percent, from PhP 137,597 in 2021. It was higher by 12.2 percent than the national level which was estimated at PhP 130,590. (Figure 3)
Figure 3. Philippines and CALABARZON,
Per Capita Household Final Consumption Expenditure: 2022
At Constant 2018 Prices, in pesos
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