CAGAYAN DE ORO CITY (PIA)--As reported by the Philippines Statistics Authority Regional Office (PSA)-10, the region's economy expanded by 7.2 percent in 2022, equivalent to P935 billion (at constant 2018 prices).
Said growth is faster than the 2021 growth rate of 6.3 percent and within the region’s target for the year.
"This is a telling sign of the region’s further recovery from the pandemic and its resilience amid external headwinds," said Dir. Mylah Faye Aurora B. Cariño, in her statement during the news conference on the 2022 Report on the Economic Performance of Northern Mindanao, April 27.
Agriculture, forestry, and fishing (AFF) grew by 0.5 percent in 2022, a slow growth rate mirroring the country's figure. While it missed its planned target of 2.5 to 3.5 percent, the region remains the second-biggest contributor to the country’s total agricultural output in 2022, next to Central Luzon.
A slowdown in the manufacturing of food products, beverages, and chemical products moderated industry growth from 8.7 percent in 2021 to 6.6 percent in 2022.
The services sector’s accelerated growth of 10.1 percent signals the sector's recovery from the pandemic. This growth more than offsets the slower growth performance of the AFF and industry sectors.
The region is now pursuing the second base camp toward AmBisyon Natin 2040, and the end goal is to achieve economic and social transformation for a prosperous, inclusive, and resilient society.
The Northern Mindanao Regional Development Plan (NMRDP) 2023–2028 lays down the region’s strategies, priority programs, and projects that will steer the region to a higher growth trajectory.
The total output in 2022 was valued at P935 million at constant 2018 prices, up from 873 million pesos a year ago. In nominal terms, Region 10 joined the ranks of trillion peso regional economies.
Also, the region’s per capita GRDP in real terms increased by 6.0 percent to 182 thousand pesos, the third highest in the country, next only to the NCR and CAR, and higher than the national average; and the region contributed 0.3 percentage point to the Gross Domestic Product, or GDP, growth in 2022 and accounted for a 4.7 percent share of national output, the seventh largest among the regions. (NEDA-X/PIA-10)
