CAGAYAN DE ORO CITY – Northern Mindanao’s economy expanded by 6.3 percent or a gain of PhP51.5 billion in 2021 as reported by the Philippine Statistics Authority-Regional Office X during the 2021 Report on the Economic Performance of Northern Mindanao on 28 April 2022 at the N Hotel, this city.

Said growth surpassed the adjusted plan target of 5.1 to 6.1 percent and is a reversal from the 5.3 percent contraction in 2020.  Northern Mindanao is among nine regions, which registered a higher growth rate than the country average, and one of four regions whose output returned to pre-pandemic level.

All sectors of the economy logged positive growths, signaling strong recovery from the economic fallout in 2020 caused by the COVID-19 pandemic. Agriculture and Industry sectors grew by 3.8 and 8.7 percent, respectively.  Meanwhile, Services sector expanded by 6.2 percent, a turnaround from the negative 9.0 percent in the preceding year owing to strong recovery of Accommodation and Food Service Activities, Education, and Human Health and Social Services Activities.

“The stellar economic performance of the region is driven by several factors, not just base effects,” said Dir. Mylah Faye Aurora B. Cariño, CESO III, NEDA-X Regional Director.

She further attributed this accomplishment to the effective and sustainable risk management of the government, especially the local government units, safe reopening of the economy, intensified vaccination program, expansionary fiscal policies of the government, and the strong resolve of Filipino communities including the private sector in overcoming the challenging episodes brought about by the Pandemic. 

“Despite these improved numbers, we recognize that many Filipinos in the region continue to grapple with the impacts of COVID-19 to their livelihood and businesses,” Director Cariño said.

“We need to register stronger growth in subsequent years to recoup lost ground,” Director Cariño added.

As the country and the region transitions into the next AmBisyon Natin 2040 base camp, government will pursue necessary socioeconomic measures to cushion the impact of headwinds, such as the ongoing geopolitical crisis in Ukraine, and push for new development priorities to sustain the growth momentum.

The NEDA-X estimates the region’s growth to accelerate between 7.1 to 8.1 percent in 2022.

Slide showing trend of Northern Mindanao’s economic performance from 2001 to 2021 as presented by Dir. Mylah Faye Aurora B. Cariño, CESO III during the 2021 Report of the Economic Performance of Northern Mindanao on 28 April 2022 at N Hotel, Cagayan de Oro City
Director Cariño presents the region’s priorities in order to sustain economic recovery.