CAGAYAN DE ORO CITY -- The National Economic and Development Authority (NEDA)-X brought together key stakeholders, including government agencies, private sector institutions, and local government units, to discuss the socio-economic performance of Northern Mindanao for the 3rd and 4th Quarters, and Full Year 2023 during the Quarterly Regional Economic Situationer Roundtable Discussion (QRES RTD), March 12.
The activity shows a strong commitment to fostering synergy among agencies and sectors to ensure regional economic development. Moreover, it evaluates programs and projects, provides insights into the economic landscape, and informs the public about government actions.
The Labor Force Survey in October 2023 reveals an 18.6 percent decrease in underemployed persons compared to the same period last year. It translates to 53,000 underemployed persons who have either gained jobs or returned to schooling.
For 2023, unemployment rose to 5.2 percent, higher than the 4.5 percent mark in the previous year. It surpasses the region's target range of 4.0-5.0 percent. However, the region achieved its goal of improving job quality by reducing the underemployment rate from 17-18 percent in 2022 to 13.2 percent in 2023.
The inflation rate for 2023 settled at 6.0 percent, mirroring the country’s average print. Bukidnon province showed the highest year-on-year inflation, jumping from 5.8 percent in 2022 to 7.1 percent in 2023. Increased rates in food, non-alcoholic beverages, and restaurants and accommodations services primarily drove the uptick.
For the agriculture sector, the region's rice sufficiency level for the 3rd and 4th Quarters of 2023 registered at 106.1 percent and 95.1 percent, respectively. Annual rice sufficiency for 2023 settled at 85.2 percent, slightly lower than the 85.4 percent level in 2022.
Other socio-economic performance indicators discussed include those for other major crops and livestock for agriculture, investments, tourism, peace and security, tax and customs collection, telecommunication, air traffic, power and energy, among other indicators.
“The QRES RTD is our way of assessing and validating the implementation of our programs and projects, knowing better about our economy, and reporting to the people what we, as public servants and the government, in general, are doing,” said Leonila G. Cajarte, NEDA-X assistant regional director.
Cajarte also added that she looks forward to strengthening partnerships and working together towards achieving our shared aspiration, the AmBisyon Natin 2040 of a matatag, maginhawa, at panatag na buhay para sa lahat. (NEDA-X/PIA-10)
