Northern Mindanao remained the largest economy in the South for 2009, latest regional data from the National Statistical Coordination Board (NSCB) showed.
The region accounted for 28.1%, or P73.207 billion, of Mindanao’s gross regional domestic product (GRDP), the highest among six regions in the island.
Linnito M. Pascual, regional chief of NSCB, said the region has a per capita GRDP of P17,183, higher than the national average of P15,528.
GRDP refers to aggregate output of a region in terms of goods from agriculture and industry as well as value of services produced within a specific period.
Northern Mindanao ranked third in per capita output, next only to the National Capital Region, which posted P40,838 and the Cordillera Autonomous Region with P19,007.
The growth rate of the region in 2009, however, dropped from 5.2% to 2.9%. The slowdown was due to the general decline in outputs in agriculture, fishery and forestry, industry and services sectors in the entire region.
The region hosts Mindanao’s only industrial corridor, which spans a distance of over 100 miles of coastal area covering Misamis Oriental and Lanao del Norte.
Called Cagayan-Iligan corridor, it is home to dozens of big manufacturing plants that supply processed products nationwide.
article by Louise G. Dumas of BusinessWorld