CAGAYAN DE ORO CITY (PIA) — The northern Mindanao economy maintained its strength in 2023, though growth slowed compared to the previous year, the National Economic and Development Authority (NEDA) – 10 said.
“All local economies in the region grew in 2023, with Camiguin leading at 11%. However, the rest experienced slower growth compared to 2022, reflecting the overall regional trend.
Despite this, the provinces of Camiguin, Misamis Occidental, Misamis Oriental, and the highly urbanized cities of Cagayan de Oro and Iligan recorded higher than regional average growth rates, showcasing their resilience and potential as economic drivers,” said NEDA-10 Regional Director Mylah Faye Aurora B. Cariño in a regional dissemination forum on December 17.
The Philippine Statistics Authority (PSA) reported that the regional economy grew by 5.3% in 2023, a decline from the 7.2% growth recorded in the previous year. Camiguin achieved the highest growth rate at 11%, followed by Misamis Occidental at 6.7%, Misamis Oriental at 6.3%, Cagayan de Oro City at 5.8%, and Iligan City at 5.7%.
Cariño shared that the Regional Development Council (RDC)-10 approved Resolution No. 75, series of 2023, which adopted the northern Mindanao provincial and highly urbanized city deadline indicators and targets for 2023-2028.
“Based on the results, only Camiguin, Misamis Occidental, Misamis Oriental, and Iligan City achieved and surpassed their growth targets for 2023. Bukidnon fell short of its target as its industry and services sector slowed down. Meanwhile, Lanao del Norte and Cagayan de Oro experienced sharp declines in the agriculture, forestry, and fishing (AFF) and services sector’s growth rates, respectively,” she explained.
The NEDA-10 regional director emphasized that while the region experienced a slowdown, it remains committed to addressing emerging challenges and recalibrating strategies to accelerate progress toward the region’s long-term goals.
“While we see a slowdown in our economy, this result is not discouraging us, but rather it is motivating us to work harder together in realizing our commitments for the people of Northern Mindanao,” she said.
Cariño stated that the mid-term update of the Northern Mindanao Regional Development Plan is scheduled for next year, during which the region will review existing strategies that may require recalibration and updating, as well as adjust targets as necessary.
She further said that provinces have started updating their Provincial Development and Physical Framework Plans (PDPFPs) which are expected to be completed next year. These PDPFPs, she explained, serve as long-term blueprints for socio-economic and spatial development at the provincial level.
Cariño also highlighted that northern Mindanao is a favorable destination for investments with a steady influx of capital. In terms of infrastructure development, there are numerous ongoing projects, as well as several others in the pipeline, scheduled for implementation in the coming years.
“Investments are coming in. In terms of infrastructure development, there are many projects in the pipeline. Many projects are ongoing. Many projects are in the pipeline scheduled for implementation in the next few years,” she added. (APB/PIA-10)
