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Saturday, February 24, 2024

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    Normin economic growth accelerates to 6.3% in 2021

    CAGAYAN DE ORO CITY (PIA)–The economic growth of the region accelerated to 6.3% in 2021 largely contributed by Industry and Services sector through mining and quarrying, construction, wholesale and retail trade, accommodation and human health said an official of the National Economic Development Authority (NEDA)-10.

    In the first semester 2022 NorMin Socioeconomic Media Forum conducted by NEDA in partnership with the Philippine Information Agency (PIA)-10, Regional Director Mylah Aurora Faye B. Cariño shared that region 10 is one of the nine regions to surpass Philippine growth.

    Northern Mindanao is the 7th biggest regional economy, a share of 4.7% to the country’s Gross Domestic Product (GDP) with growth of per capita GRDP by 5.1%, second highest in the country next to the National Capital Region (NCR).

    The region’s growth is an effect of sustained effective risk management, safe re-opening of the economy, intensified vaccination program, implemented expansionary fiscal policies and strong resolve of Filipinos, said the NEDA director.

    Cagayan de Oro City and Bukidnon province have the highest contribution with 27% each to the gross regional domestic product (GRDP) based on the Provincial Product Accounts 2020.

    Meanwhile, Misamis Oriental contributed 17%, Misamis Occidental at 13%, Iligan City at 8%, Lanao del Norte at 7% and Camiguin with the least contribution to the GRDP at 1%.

    In 2021, employment rate is at 94.6%, meanwhile underemployment has improved at 18.3%.

    The tourism sector, which has been greatly affected by COVID-19 pandemic, has also recovered, particularly accommodation and food service, resulting from the accelerated vaccination program and improved mobility, said Cariño.

    As of July 3, 2022, the region has reached 75.4% or 3,120,034 fully vaccinated individuals.

    Also, the Regional Tripartite Wages and Productivity Board (RTWPB)-10 has implemented a new minimum wage rate in the region, from P365 to P405 (P40 increase), which will be imposed in two tranches this year.

    Labor Productivity is lowest in the agriculture sector comprising agriculture, hunting, forestry and fishing at 263,776, meanwhile, Industry at 725, 159 and Services at 436, 369.

    There are external threats to the economy, said Cariño, one is the soaring oil prices resulting from protracted geo-political tension between Russia and Ukraine. Cariño added this disrupts supply chains.

    Despite this, NEDA top priorities for 2022 and beyond include smart infrastructure, regional equity, innovation and climate change. (JMOR/PIA-10)

    Photo release:

    The National Economic Development Authority (NEDA)-10 in partnership with the Philippine Information Agency (PIA)-10 holds the 1st semester 2022 NorMin Socioeconomic Media Forum to discuss the 2022 State of the Region and Ways Forward by NEDA-10 Regional Director Mylah Faye Aurora Cariño and the transitioning into the new administration by Edel Grace Seronay of the Department of Interior and Local Government. (JAKA/PIA-10)


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