CAGAYAN DE ORO CITY — Northern Mindanao has joined the trillion-peso economy club, posting a 6.0 percent growth in 2024, up from 5.2 percent in 2023

“Northern Mindanao has long been a vital contributor to the country’s development—dynamic, diverse, and forward-looking. With its strategic location, strong economy, and rich resources, it continues to be a key growth hub and gateway of opportunity for Mindanao and the rest of the country,” said Undersecretary Carlos Bernardo O. Abad Santos of the Department of Economy, Planning and Development during the Philippine Economic Briefing held in Cagayan de Oro City on October 20.

The region’s economy grew from P985 billion in 2023 to P1.04 trillion in 2024, making Northern Mindanao one of only six regions in the Philippines to surpass the trillion-peso mark.

“This marks a major milestone,” Abad Santos said. “Northern Mindanao is now one of only six regions that have surpassed this mark—a clear sign of its growing importance as a key contributor to the national economy.”

The region also ranked sixth among the 18 regions in terms of fastest-growing economies and was one of only seven to post growth above the national average.

“Furthermore, our per capita gross regional domestic product reached P200,000—the third highest in the country, after the National Capital Region and the Cordillera Administrative Region. This marks a 5.1 percent increase from the previous year,” Abad Santos added.

Sectoral Performance

The Industry sector led the region’s growth at 7.5 percent, driven by a rebound in manufacturing, particularly in beverages, as well as growth in construction, mining, and quarrying. “Growth in construction, mining, and quarrying was spurred by key infrastructure projects,” he said.

The Services sector slowed slightly to 7.4 percent from 7.7 percent in 2023, though tourism and other key subsectors continued to post strong gains.

The Agriculture, Forestry, and Fishing (AFF) sector grew by only 0.05 percent, down from 0.2 percent in 2023, due to El Niño and declines in key crops.

“Despite this, the region remained the country’s second-largest agricultural producer. To boost resilience, we are pursuing the modernization of agricultural practices and promoting agro-industrial parks,” Abad Santos said.

Provincial Contributions

Abad Santos said all five provinces and two highly urbanized cities in Northern Mindanao registered economic growth in 2024.

“Iligan City posted the fastest expansion at 8.8 percent, followed by Camiguin at 8.6 percent, Misamis Occidental at 7.5 percent, and Cagayan de Oro City at 6.8 percent. These four areas recorded growth rates higher than the regional average,” he further said.

He added that Cagayan de Oro City and Bukidnon remained the region’s top two growth drivers, contributing 28.3 percent and 25.7 percent of the total regional output in 2024, respectively.

In terms of sectoral contributions, Bukidnon, known as the region’s food basket, contributed the largest share to the total AFF sector output at 69.0 percent. Misamis Oriental, home to major heavy industries and manufacturing firms, accounted for 27.0 percent of the Industry sector output—the highest in the region.

Meanwhile, Cagayan de Oro City remained the top contributor in the Services sector, generating 38.3 percent of the total output and reinforcing its role as the regional center.

“Northern Mindanao has demonstrated a truly resilient economy, achieving its growth target even amidst national and global challenges, which reflects a remarkable stability and adaptability across our key sectors,” said Abad Santos. (APB/PIA-10)