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Aklan tops growth rankings for 2022 GVA in services

AKLAN posted the top growth rate in the gross value added (GVA) of services in 2022 among provinces and highly urbanized cities (HUCs), the Philippine Statistics Authority (PSA) said.

Aklan services GVA grew 29.2%, exceeding the 9.2% national average, the PSA said in its provincial product accounts released on Monday.

Also among the growth leaders were Lapu-Lapu City (22.3%), Puerto Princesa (16.7%), Tacloban City (14.8%), and Batanes (14.5%).

“The economy was fully reopened. Going back to normal allowed more people to secure jobs,” Jonathan L. Ravelas, senior adviser at professional service firm Reyes Tacandong & Co., said in a Viber message.

Mr. Ravelas also said that the election in 2022 contributed to a rise in the GVA of the service sector as consumption grew.

Other HUCs and provinces with high services GVA growth were Capiz (14.2%), Iloilo (14%), Guimaras (14%), Davao Oriental (13.8%), and Basilan (13.7%).

Meanwhile, Cavite’s GVA was valued at P365.22 billion, accounting for about 3% of the national total of P12.25 trillion in 2022. It was followed by Laguna at P360.82 billion in GVA (2.9%), Davao City (P348.68 billion, 2.8%), Bulacan (P271.63 billion, 2.2%), and Cebu City (P258.19 billion, 2.1%). — Andrea C. Abestano