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Tuesday, March 5, 2024
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    Cagayan de Oro Economy grows 9.4 percent in 2022

    Grows fastest, tops Per Capita GRDP in Normin

    By  Tito Mike

    Cagayan de Oro’s economy continued to lead Northern Mindanao’s rebound from the debilitating effects of the global pandemic.

    The City recorded the fastest growth in Region X with a 9.4 percent growth, powering the regional economy’s resurgence to 7.2% from 6.3% in 2021.

    Along with Misamis Oriental (9.1%), Camiguin (8.0%), Iligan City (7.6%) and Misamis Occidental (7.4%), the five economics exceeded the 7.2 percent regional growth. Bukidnon (4.4%) and Lanao del Norte (3.0%) economies still grew albeit at a slower rate.

    It was Misamis Oriental’s economy which accelerated the fastest, surging by 5.2 percentage points from its 3.9 percent growth in 2021. Misamis Occidental (3.5 p.p.), Camiguin (3.3 p.p.), and Iligan City (1.4) likewise exceeded their growth rates in 2021.

    Contribution to GRDP Growth & Region X economy share

    Cagayan de Oro City was also the main contributor to the 7.2 percent (P 935.3 billion) growth of the Normin economy in 2022 with a growth contribution of 2.6 percentage points. In addition, the regional capital accounted for the largest share of Normin’s economy at 28.0 %, followed by Bukidnon (26.6 %), and Misamis Oriental (16.8 %. (Figure 2)

    Per Capita GDP

    The per capita Gross Domestic Product (GDP) describes the GDP value accounted for each individual in the region. In 2022, the per capita Gross Regional Domestic Product (GRDP) of Region X increased by 6.0 percent to P182,356. Cagayan de Oro City had the highest Per Capita GRDP at P 343,936, followed by City of Iligan at P 214,680, and Misamis Occidental at P 187,824, all higher than the regional per capita GDP. (Figure 7)

    Economic Structure

    Northern Mindanao’s economy is predominantly Services-based (54.5 %), and all its provinces and Highly Urbanized Cities (HUCs), accounting for more than half of the economy of the Cagayan de Oro City (75.4%), Misamis Occidental (74.6%, and Camiguin (60.2%). (Figure 6) Cagayan de Oro (38.7%), Misamis Occidental (17.5%), and Bukidnon (15.6%) accounted for 71.8 percent of the total Services. (Figure 5)

    Phividec-Industrial-Authority-Admin-Bulding-at-the-Phividec-Industrial-Estate-at-Tagoloan-Misamis-Oriental

    In Industry, Misamis Oriental had the biggest share of 26.8%, driven mainly by the Phividec Industrial Estate at Tagoloan and Villanueva.  (Figure 4)

    As the region’s food basket, Bukidnon shared more than half of the region’s Agriculture-Fisheries-Forestry (AFF) output at 67.2% (Figure 3), with the AFF sector making up 50.4% of its provincial economy.

    Del Monte Pineapple Plantation (image courtesy of Project LUPAD)

    AFF) grew by 0.5% with a  Gross Value Added (GVA) value of P186.6 billion. Bukidnon was the leading contributor with 1.2 percentage points, followed by Misamis Oriental (0.2) and Cagayan de Oro (0.1), respectively.

    Contribution to the Gross Value Added (GVA) Growth by Major Industry

    Among the major industries, Services grew the fastest in the region by 10.1% with a Gross Value Added (GVA) of P 509.9 billion, with Cagayan de Oro accounting for 3.9 percentage points as its top growth contributor, Misamis Oriental (1.8 percentage points), Bukidnon and Misamis Occidental (1.5 percentage points), Iligan City (0.7 percentage points), Lanao del Norte (0.4 percentage points), and Camiguin (0.2 percentage points). (Table 2)

    Industry expanded by 6.6 percent with a GVA of P 238.8 billion, again driven by Cagayan de Oro with 1.9 percentage points, Misamis Oriental (1.8 percentage points), Misamis Occidental (1.1 percentage points), Iligan City (0.9 percentage points), Bukidnon (0.6 percentage points), Lanao del Norte (0.2 percentage points), and Camiguin (0.1 percentage point). (Table 3)

    The City of Cagayan de Oro was the top growth contributor in 8 out of 11 sub-sectors under Services: Wholesale and retail trade; repair of motor vehicles and motorcycles (TRD); Accommodation and food service activities (AFSA); Information and communication (IAC); Financial and insurance activities (FIA); Real estate and ownership of dwellings (REOD); Professional and business services (PBS); Education (EDUC); and Other services (OS). (Table 2)

    Misamis Oriental with was the top growth contributor with 10.5 percentage points in the Transportation & Storage sub-sector, and also had the biggest share of 33.2 percent. (Table 2)

    On the other hand, Bukidnon was the main growth contributor to Public administration and defense; compulsory social activities (PAD) with 2.4 percentage points, and to Human health and social work activities (HHSW) with 1.6 percentage points. (Table 2)

    Under Industry, the main growth drivers were Iligan City (3.3 percentage points in Mining and Quarrying, Cagayan de Oro (1.8 percentage points through Manufacturing), Misamis Oriental with 2.2 percentage points in Electricity, Steam, Water and Waste Management, and Misamis Occidental (3.1 percentage points in Construction. (Table 3)

    Agriculture, forestry, and fishing (AFF) grew by 0.5 percent translating a GVA value of P186.6 billion. The Province of Bukidnon was the leading contributor with                1.2 percentage points. Misamis Oriental and the City of Cagayan de Oro also shared positively with 0.2 percentage point and 0.1 percentage point, respectively.

    About the PSA

    The Philippine Statistics Authority (PSA) established through Republic Act No. 10625, otherwise known as the Philippine Statistical Act of 2013, is tasked, among others, to compile and maintain macroeconomic accounts and indicators, at the national and subnational level.

    The Provincial Product Accounts (PPA) is a mechanism of the PSA to compile the annual estimates of Gross Domestic Product by province/HUC, which is consistent with the National and Regional Accounts of the Philippines.  In 2023, all provinces and HUCs of Northern Mindanao continue to implement the PPA since its inception in 2021, together with other pilot regions. As of 2023, there were a total of 82 provinces and 17 HUCs compiling the PPA.

    Full data series, charts, and data visuals of PPA Northern Mindanao can be accessed at the PPA landing page of the PSA website at psa.gov.ph/statistics/ppa.

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