NCR economy lost P627.7bn in 2020 – PSA
The Philippine Statistic Authority (PSA) reported that Metro Manila’s economic growth was significantly affected due to the pandemic, causing it to lose P627.7 billion last year.
In a briefing, PSA stated that the Gross Regional Domestic Product (GRDP) of the National Capital Region (NCR) last year declined 10.1 percent to P5.6 trillion from the P6.2 trillion GDP recorded in 2019.
National Economic and Development Authority (Neda) Regional Development Group, Assistant Secretary Greg L. Pineda said that NCR, along with Central Luzon and Calabarzon, play a crucial part in the country’s economy.
“The interdependence of the three major regions and also the restrictions on physical movement of people created job losses and the income losses,” said Pineda.
Of course, NCR is services-led, its manufacturing [sector] is also crucial in terms of the value in its total economic output. So all these things contributed to the decline in the performance of the National Capital Region for 2020,” he added.
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