CAGAYAN DE ORO CITY (PIA) -- The National Economic and Development Authority (NEDA) maintains a hopeful outlook on the future of Northern Mindanao, despite the region's slower pace of expansion.

The Philippine Statistics Authority (PSA) revealed in a news conference on April 25 that the economy of Northern Mindanao expanded by 5.3 percent in 2023, showing a deceleration from the 7.2 percent growth recorded in the previous year. This slowdown was primarily attributed to reduced growth across all major industries.

In particular, industry growth decreased to 3.8 percent in 2023 from 6.6 percent in the previous year, while services saw a decline to 7.8 percent from 10.1 percent in 2022. Additionally, agriculture, forestry, and fishing (AFF) experienced marginal growth, rising to 0.3 percent from 0.5 percent in 2022.

"The result should not dampen our resolve; rather, it should encourage us to work harder and remain steadfast in our commitment to effect economic and social transformation for a prosperous, inclusive, and resilient Northern Mindanao," said NEDA regional director Mylah Faye Aurora Cariño.

Carino emphasized the region's dedication to recalibrating strategies and priority action areas to ensure the fulfillment of goals set for northern Mindanao, as outlined in the Northern Mindanao Regional Development Plan 2023-2028.

Measures within the plan include stabilizing agricultural input costs, addressing climate change threats, and revitalizing the industry sector. Efforts are underway to entice more manufacturing investors to locate in northern Mindanao and ensure their survival and growth.

"The Regional Development Council (RDC) in Northern Mindanao will continue to put in place measures to ensure peace and security in the region. We will reduce the regulatory burden on businesses and individuals to mobilize investments and enhance bureaucratic efficiency," she said.

Furthermore, the region is committed to providing an enabling environment for businesses and investors, prioritizing support and incentives for incoming investors. This includes a focus on digitalization, fostering a dynamic innovation ecosystem, enhancing connectivity, and promoting greater collaboration between local and national government entities and the private sector.

Cariño also highlighted ongoing infrastructure projects to stimulate economic activity and attract further investments.

"We have thousands of projects in Region 10, but the Build Better More program of President Marcos identified 100 infrastructure flagship projects (IFPs). From this list, 15 are in Northern Mindanao. The implementation of these IFPs will help keep afloat our economy and entice more investors to come," she stated.

The IFPs include the Panguil Bay Bridge, set to open to the public by the third quarter of this year, and the expansion and modernization of the Laguindingan Airport, scheduled to commence this year.

Cariño also revealed that the Department of Transportation is finalizing the feasibility study for Phase 3 of the Mindanao Railway project, which will stretch from Laguindingan to Villanueva in Misamis Oriental. The railway will serve both commuters and cargo.

"There's so much to look forward to as far as Region 10 is concerned. So despite the dampened growth, we remain optimistic about our future. Thus, let us work hand-in-hand in implementing our Regional Development Plan, which is our plan for our people," she added. (APB, PIA Region 10)