Mindanaotoday.com | NEDA: NorMin’s economy has recovered to pre-pandemic levels
By: Jan Albert Araña
CAGAYAN DE ORO CITY – Despite the economic downturn caused by Covid-19 across the country, northern Mindanao has now recovered and is one of four regions that has managed to return to pre-pandemic levels, according to Mylah Faye Aurora Cariño, National Economic and Development Authority-10 (NEDA-10) regional director.
“As far as our economy is concerned, if we talk about Covid, Region 10 is only one of four regions that have returned to pre-pandemic levels because our economy is even bigger than our economy in 2019, and our growth rate is 6.3 percent,” Cariño said.
She added that when one compares the data from 2020, the region lost around P46 billion compared to the gross regional domestic product in 2019 due to the economy having contracted by around 5.3%.
However, Cariño explained that the region’s economy defied the agency’s expectations in 2021, when it predicted that even with the episode of enhanced community quarantine and modified enhanced community quarantine implemented during the third quarter, the economy would grow at a rate of around 5.1-6.1 percent.
According to data gathered by the Philippine Statistics Authority (PSA), the economy expanded by 6.3 percent and reached P51 billion. The expansion had compensated for the P46 billion lost in 2020, resulting in a net gain for the region in 2021.
She said more than 2,000 establishments had closed during the pandemic, but with recent data from the Department of Trade and Industry (DTI) and the Securities and Exchange Commission (SEC), more than 15,000 new business establishments had opened, offsetting the establishments that had closed during the height of the Covid-19 pandemic.
“It shows that our economy has the characteristic of being nimble and agile,” she added.
With the region’s positive growth rate, it is advised that one should not be complacent and that having a complete Covid-19 vaccine, including booster doses, is also necessary for sustaining the region’s economic growth.
NEDA urges the public to obtain full doses of vaccine and to be disciplined in adhering to the minimum public health standards because, despite the fact that the economy has recovered to pre-pandemic levels, Covid-19 remains a threat. (JAKA | PIA-10)
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