CAGAYAN DE ORO CITY (PIA)--The Philippine Statistics Authority (PSA)-10 released for the first time the results of the compilation of the Provincial Product Accounts of the provinces and Highly Urbanized Cities (HUCs) in morthern Mindanao for the period 2018-2020.
As one of the pilot regions in the country, the PPA measures the economic performance of the provinces and highly urbanized cities of northern Mindanao.
Sarah B. Balagbis, chief statistical specialist of PSA-10, said the PPA will provide local-level statistics for local development planning.
In her presentation, she said the economy of Region 10 contracted in 2020 by 5.2 percent, reducing the GDP of the region to P822.6 billion in 2020 from its recorded GRDP of P867.4 billion in the previous year.
Based on the three-year average share, Cagayan de Oro City holds the largest share of 27.1 percent to the regional economy, closely followed by the province of Bukidnon with an average share of 26.2 percent, and Misamis Oriental with an average share of 17.6 percent.
However, in 2020, Bukidnon had the largest share of 27.1 percent followed by Cagayan de Oro City with a share of 26.8 percent.
Based on the structure of the economy of the provinces and HUCs, she said, the province of Bukidnon and Lanao del Norte are agriculture-based. Agriculture, Forestry, and Fishing contributed 51.5 percent to the total economy of Bukidnon while in Lanao del Norte, Agriculture, Forestry and Fishing contributed 43.5 percent to its total economy.
The rest of the provinces and HUCs have Services-based economy, with the following percent shares: Cagayan de Oro's economy 75.8 percent, Misamis Occidental is 74.5 percent, Camiguin 61.3 percent, City of Iligan is 50.3 percent and Misamis Oriental - 46.3 percent.
Dr. Janith C. Aves, officer in charge of PSA-10, said the PPA journey in Region 10 had its birth pains where several challenges were encountered in data collection.
But continued, that the PSA took note of these issues and concerns and would like to translate these challenges to an opportunity to strengthen record keeping and data generation at the local level.
For complete data, one may visit www.rsso10.psa.gov.ph/ppa.( JMOR/PIA-10)