CAGAYAN DE ORO CITY, Philippines (May 4, 2017) – Northern Mindanao’s economy grew by 7.6 percent in 2016, faster than the 5.7 percent growth recorded in 2015. All sectors recorded expansions with the industry sector posting the highest growth of 10.3 percent. Construction led the sub-sectors with growth of 29.6 percent.
Estimates from the Philippine Statistics Authority (PSA) also revealed that the region’s growth was higher than national average, and sixth fastest among the regions in the country.
The services sector, which grew by 8.3 percent, remains the largest economic bloc accounting for 43 percent of the regional economy. The industry shared 35 percent, and agriculture, forestry and fisheries accounted for 22 percent.
NEDA-10 Regional Director Leon M. Dacanay, Jr. revealed that the expansion was driven by construction projects such as power plants, malls, and road expansions. Growth was also manifested by strong revenue collections, and increase in energy sales which indicates good performance of the manufacturing sub-sector. He added that while El Niño hit the farm sector in 2016, it still managed to grow by 2.4 percent.
Overall, it was a good year for the region as economic indicators reflect the region’s position as a major industrial and transshipment hub in the country. (Richardson T. Cua, NEDA-10)
NEDA-X Regional Director Leon M. Dacanay, Jr. shares his insights during the 2016 Report on the Regional Economy of Northern Mindanao News Conference held on May 4, 2017 at Luxe Hotel, Cagayan de Oro City.