Mindanao personal consumption robust amid 2009 crisis–NSCB

AS the global economic crisis of 2009 cut consumption and income in the National Capital Region and other regions in Luzon, the personal consumption expenditure (PCE) of households in the Visayas and Mindanao remained robust.

Data from the National Statistical Coordination Board (NSCB) showed that Mindanao posted the highest PCE growth in the country at 4.9 percent in 2009.

The PCE growth of households in the Visayas also posted an increase of 4.7 percent and bucked the national average.

The NSCB said PCE, which comprised 80.5 percent of total expenditures in the country, amounted to P1.15 trillion in 2009.

This represented a growth of 4.1 percent over the P1.11 trillion recorded in 2008.

“While the Visayas and Mindanao posted accelerated growth in PCE, the NCR and other areas in Luzon suffered a deceleration,” the NSCB said.

The per capita PCE of the Mindanao region was valued at P9,473.4 in 2009. However, NCR still posted the highest per capita at P29,126.3 in the same year.

The NSCB said  per capita PCE of other areas in Luzon and the Visayas were pegged at around P10,637 and P9,905.50 in 2009, respectively.

With this, the Mindanao island group contributed 18.3 percent to the country’s total PCE by spending P207.8 billion in 2009, while NCR spent P332.1 billion, contributing 28.8 percent to the total PCE.

Other areas in Luzon and the Visayas consumed P427.6 billion and P185.1 billion, representing 37.1 and 18 percent, respectively, of total consumption.

In 2009 the NSCB said PCE growth in Mindanao and the Visayas increased from a rate of only 4.5 percent and 4.1 percent in 2008, respectively.

Data showed that PCE growth in NCR and other areas in Luzon decelerated to 4.5 percent and 3 percent, respectively. In 2008 PCE growth in NCR was at 5.7 percent and in other areas in Luzon, 4.2 percent.

The main source of this report is the 2007-2009 issue of the Gross Regional Domestic Expenditure (GRDE) which is compiled annually by the NSCB.  –Cai U. Ordinario / Reporter, Businessmirror