Normin Economy Grows 7.4% in 2012
Northern Mindanao’s economy grew a further 7.4 percent in 2012, up from the previous 5.8 percent growth registered in 2011.
Growth was led by the services sector which contributed 41.8 percent, doubling growth to 9.0 percent compared to 4.6 in 2011. Industry accounted for 33.4 percent, expanding 9.2 percent in 2012 from 6.7 percent the previous year. AHFF, which constituted 24.8 percent of the region’s economy, slowed down with a 2.5 percent growth in 2012 from 6.5 percent in 2011.
“Northern Mindanao was the seventh biggest regional economy in the Philippines in 2012 with a 3.8 percent,” said Brenda Lynn M. Castro, officer in charge, National Statistical Coordination Board –Regional Division 10 (NSCB-10).
However, for the second year in a row, Ms. Castro said Region X led all regions in Mindanao with a per capita GRDP of P53,632 and per capita index of 81.4, outperforming all regions including Davao (per capita GRDP P52,201 and 79.2 per capita index) and Soccsksargen (per capita GRDP P40,043 and 60.8 per capita index).
In addition, the region’s per capita GRDP grew 5.5 percent in 2012, which was higher than the 3.9 percent growth registered in 2011. Nationwide, Region X ranked sixth in terms of per capita GRDP.
“This is a very impressive performance considering the relatively good performance of the economy in 2011,” said Engr. Clark Y. Clarete, chief, Knowledge Management Division of NEDA-10 during the news conference hosted by the NSCB.
The NSCB adjusted Region X’s GRDP growth in 2011 to 5.8 percent from the previously reported 2.5 percent after the Regional Development Council –X (RDC-X) petitioned the agency for a re-estimation, particularly the construction sub-sector which showed a deceleration from 10.8 percent in 2010 to -27.2% in 2011.
RDC-X through NEDA-X Regional Director and RDC-X Vice Chair Leon M. Dacanay noted how funding released for DPWH X alone increased 11.05 percent from P5.1-5.7 billion. Funding released for the Laguindingan Airport Development Project (LADP) likewise increased 83.34% from P 0.74 to P 1.4-billion. The private sector boom in construction was likewise evident throughout the region.
Northern Mindanao accounted for the second largest regional economy in Mindanao with a Gross Regional Domestic Product (GRDP) of P239.677-billion or 26.3% of the Mindanao economy, just a hair breadth away from leader Davao Region which had a GRDP of P242.230-billion or 26.6% of the island’s economy.
Region X likewise made the second largest contribution to growth in Mindanao in 2012 with 1.96, close on the heels of traditional Mindanao powerhouse Davao Region which contributed 1.99 and ahead of Zamboanga Peninsula (1.72), Soccsksargen (1.54), Caraga (0.88) and the ARMM (0.07).