PSA-7 data shows economy is recovering from pandemic

CEBU, Philippines — The Philippine Statistics Authority has noted an increase in the number of establishments in the formal sector of the economy in Central Visayas.

The data shows that the economy is already picking up from the effects of the COVID-19 pandemic. Based on the figures presented by the PSA during the regional dissemination forum held yesterday, there are now 24,957 establishments in the formal sector of the economy in the region.

This is higher by 21.6 percent compared to the 20,516 establishments recorded in 2020. The 2021 estimated number of establishments is still lower than the pre-pandemic period of 26,333 establishments in 2019.

The services group posted the highest number of establishments with 21,669 or 86.8 percent of the total number of establishments in the formal sector. This was followed by Industry with 3,098 establishments or 12.4 percent of the total.

Agriculture, on the other hand, recorded the least number of establishments at 190 or 0.8 percent of the total in the region.

In terms of annual increase by broad industry group, services with 21,669 establishments in 2021 had the highest increase of 4,075 establishments or 23.2 percent annual growth from the 17,594 establishments reported in 2020.

While Industry recorded a total of 3,098 establishments in 2021 from 2,736 establishments in 2020 translating to an increase of 362 establishments or annual growth of 13.2 percent.

Agriculture also increased to 190 establishments, which is higher by 3 establishments or 1.6 percent compared with the 187 establishments in 2020.

By employment grouping, PSA-7 added that micro establishments accounted for the highest share comprising 17,891 establishments or about 71.7 percent of the total in the region.  Small establishments had the second highest share of 6,315 establishments or 25.3 percent.

While large establishments came next with 430 establishments or 1.7 percent while medium establishments reported the least with 319 or 1.3 percent. — (FREEMAN)