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    NorMin’s services sector continues to bounce back in 2022

    CAGAYAN DE ORO CITY (PIA)–Northern Mindanao’s services sector recorded an accelerated growth of 10.1% in 2022, a signal of its recovery from the Covid-19 pandemic.

    Among its sub-sectors, Accommodation and food service activities posted the fastest increase at 35.2% followed by Transportation and storage at 21.6% growth, Other services at 10.7%, and Wholesale and retail trade, and repair of motor vehicles and motorcycles at 10%.

    According to National Economic and Development Authority (NEDA)-X regional director Mylah Faye Aurora Cariño, the continued easing of pandemic-related mobility restrictions led to increased demand for travel and tourism-related services in the region, a phenomenon called “revenge travel.”

    NEDA-X Regional Director Mylah Faye Aurora Cariño states that the continued easing of pandemic-related mobility restrictions led to increased demand for travel and tourism-related services in Northern Mindanao. (Daniel Clark Cabantan/PIA-10)

    “The region’s annual tourist arrivals, domestic and foreign, in 2022 increased by 177% to 1.66 million from 599 thousand in 2021,” she said.

    The Philippine Statistics Authority (PSA)-X earlier announced that Services comprised 54.5% of Northern Mindanao’s economy in 2022.

    Moreover, Services contributed the most to the 7.2% regional economic growth, with a 5.3 percentage points contribution. One of its sub-sectors, the Wholesale and retail trade, and repair of motor vehicles and motorcycles, was among the three main growth drivers with a contribution of 2.7 percentage points.

    The regional economic performance for 2022 was released by PSA-X in a news conference held Thursday, April 27. (APB/PIA-10)

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