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Iligan economy registers 1.4% growth in 2020

ILIGAN CITY (PIA)--The city's economy registered another growth in 2020 following its record in 2019.

This, after Philippine Statistics Authority (PSA) - Lanao del Norte Chief Statistical Specialist Osler Mejares reported during the Provincial Product Accounts (PPA) dissemination forum Thursday, December 9, that it hiked up by 1.4% in 2020, beating its growth record of 0.5% in 2019. 

As per the compiled Gross Domestic Product (GDP), the services sector was noted to have the biggest share in the overall economy of the city with a three-year average share of 50.4%, followed by the industry, and agriculture, forestry and fishing (AFF) with 47.7% and 1.9% average shares respectively. 

The services sector had a rapid increase in 2019 among the three major industries as it climbed up by 6.4% but went down by 5.1% the next year. On the other hand, the industry sector tallied a contraction by 5.6% in 2019 but increased by 8.6 % in 2020, and only agriculture, forestry and fishing (AFF) consistently grew for two consecutive years, going up by 3.2% in 2019 and 6.2% in 2020.

In the compiled Provincial Product Accounts (PPA) from 2018 to 2020, the Philippine Statistics Authority (PSA) notes the major industries in Iligan City and the percentage of their growth and contraction. (Philippine Statistics Authority)

Mejares said the enlisted fastest growing industry in 2019 included professional and business services which was up by 17.6%, wholesale and retail trade and repair of motor vehicles and motorcycles by 14.1%, and financial and insurance activities by 11.5%.

In the following year, more industries logged growth in economic performance, such as the public administration and defense and compulsory social activities which went up by 17.1%, manufacturing by 15.4%, financial and insurance activities by 10.8%, AFF by 6.2%, information and communication by 2.8%, and electricity, steam, water and waste management by 2.2 percent. 

Meanwhile, accommodation and food service activities was down by 34.9%, transportation and storage by 21.7%, and mining and quarrying by 21.6%.

In general, the city aided Northern Mindanao’s economy with a 0.10% increase in 2020 as the region’s Gross Regional Domestic Product (GRDP) contracted by 5.2% in the same year. Now, the city ranked fifth among the provinces and highly urbanized cities in the region in terms of share to the regional economy. (CRG/PIA-Lanao del Norte)

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Claire Gigje

Information Officer I

Region 10

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