Mindanaotoday.com | NorMin’s economic recovery in 2021 posts 6.3% growth rate
By: Jasper Marie Rucat
CAGAYAN DE ORO CITY – The regional economy of Northern Mindanao rebounded this year, posting a growth rate of 6.3 percent in 2021 from a 5.3 percent decline in 2020, according to the Philippine Statistics Authority (PSA) in a 2021 Provincial Product Accounts Regional Dissemination Forum, here.
The top drivers to the 2021 economic recovery of Region 10 included City of Cagayan de Oro, which posted a growth of 9.6 percent; Bukidnon, which accelerated to 6.4 percent; and Misamis Oriental, recording a growth of 4.0 percent.
Further, they were also main contributors to the Gross Regional Domestic Product (GRDP) of Region 10 for the period 2018 to 2021, PSA shared.
Meanwhile, Lanao del Norte has the lowest growth rate at 3.2%, said Sarah Balgbis, Chief, Statistical Specialist, PSA 10.
Brenda Lynn Castro, Supervising Statistical Specialist, PSA 10 explained that in 2021, Lanao del Norte posted negative growth in the Agriculture sector particularly livestock and fisheries.
“For Lanao del Norte, the crops are overall okay with fruits, cereal. The problem lies with livestock and fisheries. In livestock, it went negative and the big portion of the negative is in the hogs. Carabao, cattle, goat are positive but hogs pulled down the numbers and for poultry, it also became negative because of the big drop of chicken eggs,” she said.
In addition, “The reason is lesser inventory and there is culling of undesirable laying flocks. Then in the fishery, it dropped mainly attributed to their high value commodity and tiger prawn. In the total fishery productions of Lanao del Norte, tiger prawn has a big component. If it drops, it would affect all fishery sector,” Castro said.
Leonila G. Cajarte, assistant regional director, National Economic Development Authority-10 (NEDA-10) shared that there is a need to improve productivity.
“Sa atong region, we need to improve our productivity, and we are high potential in terms of agriculture that is why agriculture which also employs almost one-third of our total workforce kini siya angay nato nga increase ang atong productivity kai main growth driver gyud siya,” Cajarte said.
She also cited the importance to improve the services and industry sector as they comprise 40% of the workforce in the region, saying, “We would also want to transform our agricultural products into more value adding activities, while improving our industry sector.”
Cagayan de Oro city shared 27.4 percent, closely followed by Bukidnon with a share of 27.3 percent, and Misamis Oriental with 16.5 percent share.
In 2021, Bukidnon had the largest share in agriculture, forestry, and fishing with a share of 66.4 percent. In the region’s Industry, the top contributor was Misamis Oriental at 26.7 percent share.
Meanwhile, Cagayan de Oro had the largest share in the region’s Services with a share of 38.7 percent.
“These are very important data as this will pave the way for evidence based decision making not only at the regional level but at the local level,” Cajarte added.
For full report, statistical tables, and visuals on the PPA releases, visit PSA website at www.rsso10.psa.gov.ph/ppa. (JMOR | PIA-10 | PSA-10)
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