Mindanaotoday.com | Cagayan de Oro economy rebounds at 9.6% for 2021
By: Jan Albert Araña
CAGAYAN DE ORO CITY – A recent Provincial Product Accounts report made by the Philippine Statistics Authority-10 (PSA-10) Misamis Oriental Office revealed that this city’s economy bounced back from a deficit of -8.8 percent in 2020 to 9.6 percent in the year 2021, November 28.
Julieta Nacario, PSA-10 officer-in-charge, revealed that the city’s gross city domestic product (GCDP) has increased significantly since the economy gradually opened, from P218.3 billion in 2021 to P239.25 billion last year.
The major industries that contributed positively to the 9.6 percent growth of the city in 2021 are: services, which contributed the most with 6.5 percentage points, followed by industry with 3.1 percentage points, and agriculture, fisheries, and forestry, which contributed the least at 0.02 percentage points, Nacario said.
Among the sixteen industries, the top contributors to the 9.6 percent increase in the GCDP were wholesale, retail trade, and repair of motor vehicles and motorcycles with 3.4 percentage points; manufacturing with 2.3 percentage points; and accommodation and food services activities at 0.614 percentage points.
The overall largest contributor to the increase in the GCDP was the service sector at 74.9 percent; followed by industries at 24.3 percent; and agriculture, fisheries, and forestry at 0.7 percent.
With such a positive result, Ramir Balquin, Cagayan de Oro City Planning and Development OIC, welcomed the report but remained cognizant of the small contribution from agriculture, fisheries, and forestry.
“We see this as an opportunity to rethink the way we do in planning. We do not neglect agriculture since 40 percent of the land area is still agricultural,” Balquin said.
Seeing this as one of the city government’s major concerns, Balquin said they are already discussing updates to the city’s development plans, as well as several interventions planned to revitalize the agriculture sector and contribute to the GCDP.
With the continued opening of the economy in the new normal, the PSA-10 has optimistic views that the city will continue to bounce back from the economic dent wrought by Covid-19. (JAKA | PIA-10)
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