CAGAYAN DE ORO CITY (PIA)–The city of Cagayan de Oro emerged as the fastest-growing economy in Northern Mindanao in 2022, achieving a 9.4 percent growth rate, higher than the regional average growth rate of 7.2 percent.
According to the Philippine Statistics Authority (PSA) in Region 10, the substantial economic expansion of Cagayan de Oro bolstered the region’s overall economy by 2.6 percentage points, which experienced a 7.2 percent growth in 2022.
Cagayan de Oro’s economy in 2022 amounted to P261.8 billion, constituting 28 percent of the region’s gross regional domestic product (GRDP) recorded at P935.30 billion.
All major industries contributed positively to the economic growth of Cagayan de Oro, with Services contributing the most at 7.6 percentage points, followed by Industry with 1.8 percentage points, and Agriculture, Forestry and Fishing (AFF) contributed the least at 0.05 percentage points.
In terms of share, Misamis Oriental accounted for 26.8%, and Cagayan de Oro City contributed 26.2%, totaling 53% of the industry output from Misamis Oriental and Cagayan de Oro City. It shows their contribution towards realizing the Cagayan-Iligan Industrial and Trade Corridor.
All 16 industries also contributed to the growth of the city, with Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles (4.10 percentage points), Accommodation and Food Service Activities (1.00 percentage points), and Manufacturing (0.87 percentage points) as the primary drivers of the upswing. (APB/PIA-10
Sarah Balagbis, the chief statistical specialist of the Philippine Statistics Authority-10, details the economic performance of the provinces and highly urbanized cities in Northern Mindanao during the Regional Dissemination Forum on 2022 Provincial Product Accounts, December 7. (APB/PIA-10)
