NEDA Forecast: Sustained Economic Growth For Baguio

Baguio City is a prime example of what a city can achieve when it puts its mind to it. Despite the recent pandemic, Baguio has been putting forth efforts to restore its tourism and economic growth.

The city’s location in the Cordillera mountain range makes it an appealing destination for tourists seeking cooler temperatures and fresh air. The scenery alone is reason enough to visit—but the city also offers many shops, restaurants, and attractions, making this a great place to spend some time at any time of year.

Are you considering a trip to Baguio City, Philippines? If so, you’re in luck! The city is booming with economic activity and tourism thanks to its incredible location and the diversity of attractions available.

A Closer Look at The City’s Economy

Baguio City is one of the top tourist spots in the Philippines, not only because it’s a haven for nature lovers and adventure seekers but also because it is home to a dynamic economy. The city state economy has been featured in Brittany Corporation‘s blog, and we thought it would be interesting to share some updates about its booming economy.

Baguio City boasts many popular tourist attractions and services, such as Camp John Hay, Botanical Garden, Burnham Park, and Mines View Park. These are only some places that make Baguio City one of the most visited destinations in the country.

However, what makes this city even more appealing is its thriving economic activity which has attracted more investors to invest their money here. The influx of tourists from different parts of the country has contributed significantly to this growth because they need accommodation and other facilities that would make their stay comfortable and enjoyable.

The Philippine Statistics Authority (PSA) reports that the city’s gross city domestic product (GCDP) was P139 billion in 2021, an increase of 17% over the previous year when most businesses were forced to close during the pandemic. In 2021, the hotel and food industries topped as the city’s top-earning growing business, and it was estimated that tourists spent around P51 million while in the city.

The Return of the “Festival”

The Panagbenga Festival is the city’s most celebrated festival and will return after the three-year hiatus caused by the pandemic. The festival runs from February to early March and celebrates the city’s colorful culture. The festival celebrates spring and harvest, an important time for farmers and their families.

The festival features a parade of floats with live bands playing traditional music. There are also musical performances and dance competitions throughout the week. Many people wear traditional clothing during this time. The Panagbenga Festival is suitable for Baguio City’s economy because it attracts tourists from all over the country and abroad.

Many people visit Baguio City during the Panagbenga Festival and spend money on food and souvenirs. This means businesses in Baguio City make more money than usual during this time of year.

Local Government’s Economic Efforts

Baguio City is trying to boost its economy by creating a more business-friendly environment. The local government has made it easier for businesses to operate in the city by improving government agencies’ services, cutting corruption, and streamlining processes.

This is part of an effort by the city’s mayor, Benjamin Magalong, who wants to make Baguio a Smart City and home of creatives. These initiatives are expected to create jobs and help improve the economy of Baguio City. Among the projects include the development of Creative Centres and setting up the Baguio City Creative Circuit (BCCC). Both programs are expected to showcase Baguio City’s creative spirit and develop partnerships.

The establishment of the 200-million command center in Baguio City is also seen to transform the city into a data-driven and technologically-advanced hub during emergencies, according to former president Rodrigo R. Duterte. The project will also allow officials to respond to emergencies, improve social and health systems, and become more effective overall.

NEDA-CAR Forecast the Region’s Economic Growth

The Cordillera office of the National Economic Development Authority (NEDA-CAR) sees a better 2023 as the city gears toward building Baguio City’s economic development.

In her October 2022 statement, NEDA-CAR assistant regional director Stephanie Christiansen noted that the region adjusted its target from P373.77 billion to P391.90 billion in 2022 by focusing on key industries, such as agriculture, fishery, and forestry.

The department is expected to see a growth rate of 4% by the end of 2022. It was also reported that the employment rate is expected to improve by 0.8% from October 2021 to December 2022.

President Ferdinand R. Marcos Jr.’s 8 Point socio-economic agenda is expected to boost the region’s economy, as it is focused on creating employment opportunities, providing quality education, and expanding access to health services, among other things.

The National Economic and Development Authority believes the government is on track to achieving its medium-term and long-term economic goals. NEDA Secretary Arsenio M. Balisacan said that the government stands ready to manage these risks through the Medium-Term Fiscal Program and the upcoming Philippine Development Plan (PDP) 2023-2028.

The department is also laying the groundwork for inclusive growth that will generate high-quality employment to reduce poverty quickly and on the scale needed.

Real-Estate in Baguio City

The city has seen tremendous property development and construction growth and increased tourism and hospitality. Many home buyers flock to Baguio City for affordable housing options and beautiful scenery.

Real estate is one of the biggest industries in Baguio City, Philippines. It has been a growing industry for decades as more and more house and lot for sale are hitting the market. The growth of this industry has been due to many factors, such as population growth, increased demand for housing, and government policies that have encouraged people to buy real estate property.

One unique thing about Baguio City’s real estate market is how condominiums for sale rather than single-family homes dominate it. Most students rent condominiums in Baguio because they are less expensive than buying a house but offer a nice living space with amenities.

The real estate market in Baguio City is particularly vibrant because several new developments under construction will bring even more people into the area. There are also plans for unique hotels and luxury condominiums for sale which will help accommodate all visitors who come here every year from all over the world!

Final Thoughts

While Baguio City has made great strides in developing its economy, some challenges must be addressed. The population has grown significantly, resulting in increased pollution and infrastructure problems such as traffic jams.

Baguio City has come a long way since its humble beginnings in 1909. It is now a thriving city home to many different kinds of people and businesses, including a newly opened local airport, universities, and many other important institutions. Its economy is also very diverse, ranging from agriculture to tourism, and it continues to evolve as it grows.

Brittany Homes in the City of Pines

Brittany Homes has been a leader in the luxury home market for years, from our luxury house and lot in Tagaytay to the state-of-the-art condominiums in Davao. Now, it’s sharing its taste of luxury living with the City of Pines. We’ve seen an influx of new homes all over town. And while they all look amazing and offer great value, there is something special about Brittany Homes: they’re made with luxury in mind.

What does that mean? Every home is equipped with the latest technology and built with high-quality materials meant to last. It means that every home has been designed by experts who know what it takes to create a truly unique space for you to live in—and love!

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