South Cotabato achieves remarkable 7.1% economic growth in 2022

South Cotabato achieves remarkable 7.1% economic growth in 2022

In a significant economic milestone, the province of South Cotabato achieved an outstanding growth rate of 7.1% in 2022. This marked a substantial increase from the 4.3% growth recorded in the preceding year, showcasing the province's resilience and economic vibrancy.

Dennis Gasendo, from the Provincial Planning and Development Office, provided insights into the economic performance. The Gross Domestic Product (GDP) of South Cotabato reached an impressive value of P134.81 billion in 2022, reflecting a substantial increase of P14.16 billion compared to the figures from 2020.

Gasendo attributed this remarkable economic growth to several key factors. First and foremost, he highlighted the political stability in the province, emphasizing how a conducive political environment fosters economic development. The commitment to accessibility and inclusivity was also underscored as a crucial element in driving economic progress, ensuring that the benefits of growth are shared across diverse sectors of the community.

Additionally, Gasendo emphasized the effectiveness of developmental strategies implemented by the provincial government. These strategies, geared towards sustainable and inclusive growth, played a pivotal role in steering South Cotabato towards its economic achievements.

The positive economic growth not only reflects the province's resilience in the face of challenges but also positions South Cotabato as an attractive destination for investment and development. The local government's dedication to fostering an environment conducive to economic prosperity has evidently borne fruit, contributing to the overall well-being and progress of the province.