Normin’s economy slows down, posts 5.3% growth

MindanaoToday.com | Normin’s economy slows down, posts 5.3% growth 

By: Uriel Quilinguing

CAGAYAN DE ORO CITY – The National Economic and Development Authority in Northern Mindanao (NEDA-10) yesterday reported that the regional economy had posted a 5.3-percent growth in 2023, way below the 6.0-8.0 target that year.

Mylah Faye Aurora Carińo, regional director of NEDA-10, said that while there is a slowdown, yet the economy expanded albeit at a lower rate at 5.3 percent, below the 5.8 national growth rate on the country’s Gross Domestic Product (GDP), as calculated by the Philippine Statistics Authority (PSA).

The region’s economic growth in 2022 was 7.2% while in 2021 it was 6.3%, as shown in the NEDA-10 presentation on the Gross Regional Domestic Product (GRDP), with PSA as source, in a media forum at the N Hotel here.

PSA is set to release in April this year estimates on the 2024 GRDP which computes the value of all economic activities in the region for the year, after which the 2024 economic performance would be determined.

Carińo said the overall economic performance of the region was pulled down by contractions in the manufacturing as well as in mining and quarrying activities in 2023 which were negative 1.3 and 2.0, respectively. Agriculture, forestry and fisheries industry grew but only by 0.3 percent that year.

The region’s 5.3-percent economic growth was largely from transportation and storage that recorded a 21-percent improvement and in accommodation and food services activities which expanded at 17.8 percent.

Despite the slump in manufacturing and in mining and quarrying industries, the GRDP of Northern Mindanao managed to increase by P50 billion to P985 billion in 2023 from P935 billion in 2022. “Today, the region’s economy is over one trillion,” Carińo said.

She said that although Region 10 failed to hit its target in 2023, still Northern Mindanao ranked as the 9^th fastest growing among the country’s 17 regions and second behind Davao Region in Mindanao that year.

In fact, Region 10’s GRDP per capita which was P182,356 that year was third highest among regions with the National Capital Region (NCR) on top with P443,782, followed by Cordillera Autonomous Region (CAR with P183,827.

Among highly- urbanized cities (HUCs) outside Metro Manila, Cagayan de Oro (Region 10) posted the second highest with GRDP per capita with P380,700 with Baguio (CAR) at first with P440,206. Those in the top 10 include Iloilo P347,562; Lapu-lapu P338,685; Cebu P310,491; Mandaue P290,648; Davao P289,533; Angeles P260,770; Bacolod P250,253; and Iligan P242,657. [Uriel Quilinguing/MT]

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