CAGAYAN DE ORO CITY (PIA) -- The Philippine Statistics Authority (PSA)-10, in collaboration with the National Economic and Development Authority (NEDA)-10, convened representatives from various regional government agencies, private institutions, the academe, and media on April 25 to present the 2023 economic performance of Northern Mindanao.
The news conference delved into statistical information showing the economic growth of the region, factors that influenced the regional economy, as well as government interventions and strategies to propel regional economic development.
“The region’s economy moderately grew by 5.3 percent last year. This is actually lower than our growth rate in 2022 which stood at 7.2 percent. This growth also fell below our target for last year which was a growth rate of between six to eight percent as outlined in the regional development plan,” said NEDA-10 director Mylah Faye Aurora B. Cariño.
Despite the deceleration in economic growth, Northern Mindanao witnessed an increase in the value of output, with a P50 billion surge from 2022 to 2023, resulting in a total output of P985 billion last year.
However, Northern Mindanao emerged as the ninth fastest-growing economy among the 17 regions in the country, ranking second among Mindanao regions after the Davao region. It also claimed the third largest per capita GRDP (Gross Regional Domestic Product) across regions, with P190,097 per person in 2023, reflecting a 4.2 percent increase.
Cariño underscored that the "slower growth in all major industries contributed to the slowdown in the region’s economic performance."
As the region enters the second year of implementing the Northern Mindanao Regional Development Plan 2023-2028, Cariño remained optimistic about the future. She urged collaboration among government agencies, LGUs, private sectors, and stakeholders in realizing the development plan for the people.
She also reiterated the importance of AmBisyon 2040, which envisions a secure, comfortable, and prosperous life for all. She emphasized that aligning with this vision would pave the way for better and more successful development actions for the people. (MGAB/PIA-10).
