Cebu’s economy plummets 12.45 % in 2020

CEBU, Philippines — Cebu’s economy plunged an average of 12.45 percent in 2020 due to lockdowns implemented by the government amid the surges of COVID-19 cases, the Philippine Statistics Authority in Central Visayas reported Wednesday.

Firmo Diputado, chief statistical specialist of PSA-Cebu, said that Cebu Province’s economy dropped by 8.9 percent last year. Cebu City also saw a 10.2 percent drop while Mandaue City recorded 13 percent. Lapu-Lapu City had the lowest at 17.7 percent.

“Pag 2020 dako gyud to ang epekto sa ekonomiya sa Cebu tungod sa pandemic,”  Diputado told The Freeman after his presentation of the 2018 to 2020 economic performance of Cebu Province and the three highly urbanized cities.

Diputado said that almost all economic activities had stopped in 2020 because of the quarantine restrictions enforced by the government. People were restricted from going out and economic activities were regulated to contain the infections.

“Nihinay gyud ang atong economic activity in 2020. For 2021, we are seeing a gradual recovery kay niabli na atong ekonomiya unya ang mga tawo are free to move around na sad. But ang 2022, that remains to be seen, especially naa na sad ning threat sa Omicron virus. We do not know the effect yet. Hopefully, with the travel restrictions imposed by the government, dili unta na makasulod ang virus diri sa atoa,” said Diputado.

Diputado, however, noted that the agriculture, fishing and forestry sector remain resilient and continue to survive despite the pandemic.

“Gasigi ra ni sila because we have to survive. So, sigi gyud ni ilang activity kay mangaon man ta,” Diputado explained.

The PSA-7 also reported a slight economic growth in Cebu a year before the pandemic hit us. According to Diputado, Cebu Province had a 4.5 percent economic growth in 2019.

Cebu City posted eight percent increase in the same year. Mandaue City had the best performance among the three highly urbanized cities with 9.3 percent. Lapu-Lapu City only registered 4.6 percent growth in 2019.

 Cebu City’s economy was mainly driven by wholesale and retail trade, repair of motor vehicles and motorcycles, real estate, financial and insurance, professional and business services, and transportation.

The entire Central Visayas posted an economic growth of 6.2 percent in 2019 wherein Cebu City ranked first accounting to 1.8 percent. Cebu Province ranked second with 1.5 percentage while Mandaue City ranked 4th with 0.8 percentage points of the total regional economy. Lapu-Lapu City was only sixth place contributing only 0.5 percentage points of the total regional economy. — FPL (FREEMAN)