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DAVAO CITY – Mindanao has once more demonstrated its worth as a key contributor to the country’s economic growth by posting 7.2 percent Gross Regional Domestic Product (GRDP) last year
In a statement on May 03, the Mindanao Development Authority (MinDA) pointed to the “much-improved peace and order” situation in Mindanao in recent years as one of the main contributing factors to the island region’s economic growth.
Despite the challenges posed by the coronavirus disease 2019 pandemic, MinDA pointed out that Mindanao has shown resilience and adaptability in its economic activities, thereby attracting more investors and tourists to the area.
The Philippine Statistics Authority (PSA), in a separate statement Tuesday, noted Mindanao’s remarkable economic standing in 2022 as only slightly lower than the national GDP of 7.6 percent.
Among the regions in Mindanao, the PSA said Davao Region led the pack with an impressive 8.15 percent growth rate, while Caraga trailed behind at 5.9 percent.
The other expenses in Mindanao—Regions 9, 10, 12, and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM)—also recorded positive growth rates ranging from 6.59 percent to 7.5 percent.
Still, MinDA chair Maria Belen Acosta said there is still much work to be done to sustain and further accelerate Mindanao’s growth trajectory.
Acosta cited the continued growth of the agriculture and fisheries sectors, the development of the infrastructure and tourism industries, and increasing investments in the region remains as crucial factors for progress in the area.
“Overall, the strong economic performance of Mindanao in 2022 is a promising sign for the region’s future, and it is hoped that this growth will continue in the years to come,” she said. (Che Palicte/PNA)