MARAWI CITY (PIA) — The economy of Lanao del Sur recorded a 5.0 percent (%) growth in 2023, making it the fastest-growing economy in the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM).
According to the Philippine Statistics Authority (PSA)-Lanao del Sur, the provincial economy was valued at P75.38 billion, up from P71.77 billion in 2022.
“All major industries in the province reported positive growth in 2023 compared to their performance in 2022. Agriculture, Forestry, and Fishing reported a growth of 8.7%. In comparison, Industry grew by 2.42%, and services expanded by 4.6%,” said Mohammadali Alonto, Officer-in-Charge of PSA Lanao del Sur, during the Provincial Product Accounts Dissemination Forum on December 5.
Services remained the largest contributor to the province’s economy, accounting for 38.4% of total output, followed by industry with a 32.9% share, and agriculture, forestry, and fishing, which contributed 28.7%. Among the industry sectors, mining and quarrying recorded the highest growth at 25.3%, followed by accommodation and food service activities with a 15.1% increase, and construction, which expanded by 12.0%.
Lanao del Sur’s economic growth outpaced the regional average of 4.3% and positioned the province as a key driver of the region’s economic expansion. It contributed 25.8% to the region’s overall GDP, which reached P292.23 billion in 2023. The province also led the region’s agricultural growth with an 8.7% increase sharing 21.3% of the region’s agricultural output. It likewise held the largest share in the region’s industrial production at 35.2% and contributed 24.1% to BARMM’s service sector.
“Lanao del Sur’s per capita GDP in 2023 was estimated at P62,128, slightly higher than the 2022 figure of P62,293. This placed Lanao del Sur second in terms of per capita GDP within the region,” Alonto added.
Meanwhile, Sayyed Almadinie Decampong, the Provincial Government’s Population Program Officer, expressed pride in the province’s economic growth. He highlighted ongoing projects, such as the soon-to-be-operated Provincial Hospital and the Food Terminal, undertaken by the provincial government to support and sustain this growth.
He underscored the significant impact of the Food Terminal, noting that it will serve as a central hub for commodities from various municipalities across Lanao del Sur. “Many programs are attached to it, and all commodities from the municipalities in Lanao del Sur will be routed through the terminal,” he stated. (APB/PIA-10/Lanao del Sur)
