CAGAYAN DE ORO CITY (PIA)–Northern Mindanao’s economy expanded by 6.3 percent or a gain of P51.5 billion in 2021 as reported by the Philippine Statistics Authority (PSA)-10 during the 2021 Report on the Economic Performance of Northern Mindanao, April 28 at the N Hotel, here.
Said growth surpassed the adjusted plan target of 5.1 to 6.1 percent and is a reversal from the 5.3 percent contraction in 2020. Northern Mindanao is among nine regions, which registered a higher growth rate than the country average, and one of four regions whose output returned to pre-pandemic level.
All sectors of the economy logged positive growths, signaling strong recovery from the economic fallout in 2020 caused by the COVID-19 pandemic. Agriculture and Industry sectors grew by 3.8 and 8.7 percent, respectively.
Meanwhile, the Services sector expanded by 6.2 percent, a turnaround from the negative 9.0 percent in the preceding year owing to strong recovery of Accommodation and Food Service Activities, Education, and Human Health and Social Services Activities.
“The stellar economic performance of the region is driven by several factors, not just base effects,” said National Economic and Development Authority (NEDA)-10 Regional Director Mylah Faye Aurora B. Cariño.
She further attributed this accomplishment to the effective and sustainable risk management of the government, especially the local government units, safe reopening of the economy, intensified vaccination program, expansionary fiscal policies of the government, and the strong resolve of Filipino communities including the private sector in overcoming the challenging episodes brought about by the pandemic.
“Despite these improved numbers, we recognize that many Filipinos in the region continue to grapple with the impacts of COVID-19 to their livelihood and businesses,” Cariño said. Thus, she urged the need to register stronger growth in subsequent years to recoup lost ground.
As the country and the region transition into the next AmBisyon Natin 2040 base camp, the government will pursue necessary socioeconomic measures to cushion the impact of headwinds, such as the ongoing geopolitical crisis in Ukraine, and push for new development priorities to sustain the growth momentum.
The NEDA-10 estimates the region’s growth to accelerate between 7.1 to 8.1 percent in 2022. (NEDA-10/PIA-10)
National Economic and Development Authority Regional Director Mylah Faye Cariño says the NEDA-10 estimates the region’s growth to accelerate between 7.1 to 8.1 percent in 2022, April 28.