Saturday, April 27, 2024

Tag: GRDP

NorMin ‘service-oriented’ contributor in PH economy: NEDA

Posted on by cmn

CAGAYAN DE ORO CITY (December 14, 2023, 3:33 pm) – Northern Mindanao region is hailed as a “service-oriented” economy, with its services sector posting a 54.5 percent contribution to its 2022 gross regional domestic product (GRDP), the regional National Economic Development Authority (NEDA-10) office reported Thursday

In a statement, NEDA-10 director Mylah Faye Aurora Cariño said the services sector contributed PHP509.9 billion in gross value added in the region and a growth rate of 10.1 percent from the previous 2021-2022 rate.
“That includes tourism, accommodation services, and other service-related subsectors,” Cariño said.
Northern Mindanao’s GRDP increased by 7.2 percent or PHP935 billion, compared to the 6.3 percent growth in the previous year, which was impacted by the coronavirus disease 2019 pandemic.
“That is why we are hoping that there will be no more pandemic because it will affect the mobility of our industry, especially in the services sector,” she said.
Also included in the growth drivers in the 2022 GRDP were the industry sector which covered 25.6 percent or PHP238.8 billion; and the agriculture sector which has 19.9 percent of the share or worth PHP186.6 billion in gross value.
Out of the five provinces and two chartered cities in the region, Bukidnon province remains the capital of the agriculture industry in Northern Mindanao.
Meanwhile, this city remains the top contributor to the regional economy of Northern Mindanao, according to the data presented by the Philippine Statistics Authority (PSA).
PSA data indicated that of the PHP935.3 billion value of Northern Mindanao’s gross domestic product in 2022, this city accounted for the largest share of 28 percent, followed by Bukidnon province at 26.6 percent, while Misamis Oriental in third at 16.8 percent.
The PPA measures the economic performance of the provinces and highly urbanized cities of the region. (Ercel Maandig and Nef Luczon/PNA)

Mindanao economy posts 7.2% GRDP growth in 2022

Posted on by cmn

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)