Tuesday, 28 July 2009

Agriculture, fisheries, forestry pull Northern Mindanao to top as fastest-growing regional economy in the Philippines

Bong D. Fabe
Business Mirror

CAGAYAN DE ORO CITY—The combined robust performance of Region 10’s agriculture, fisheries and forestry sectors pulled Northern Mindanao to the top of the country’s fastest-growing economies in 2008.

Data released by the National Statistical Coordination Board showed that Northern Mindanao posted an economic growth of 5.3 percent in 2008.

This performance was fueled by the 10.7-percent expansion of the region’s agriculture, combined by the 31.2-percent growth in the region’s fishery and forestry sectors.

Closely following Northern Mindanao as the fastest-growing economy in 2008 were the National Capital Region (NCR) with a 4.9-percent growth and Soccsksargen (South Cotabato, Cotabato, Sultan Kudarat, Sarangani, General Santos) in third place with 4.6 percent.

Western Visayas came in fourth with 4.4 percent, and Bicol region, with 4.3 percent, placed fifth.

The Cordillera administrative region (CAR) registered the slowest growth at 1.8 percent in 2008, a deceleration from 7.1 percent in 2007.

Northern Mindanao’s economic performance in 2008 even outpaced the national average of 3.8 percent.

The region also contributed the biggest share with 28.3 percent to Mindanao’s economy, which is an increase of 0.4 percent to its contribution in 2007.

Region 10 also contributed 0.3 percent to the country’s GDP in 2008, along with Central Luzon and Western Visayas.

In terms of real per capita, Northern Mindanao had a real per capita GRDP of P17,050 in 2008. This is higher than the national per capita GRDP of P15,686 in 2008.

Northern Mindanao, with its 108.7 per capita index relative to the national average, placed third following NCR’s 254.6 and CAR’s 121.4.

However, despite topping the list as the country’s fastest growing economy in 2008, Northern Mindanao’s economy actually decelerated by 2.4 percent in 2008 compared with its performance in 2007, during which it posted a high of 7.7 percent.

According to the NSCB, the economies of all the major island groups (Luzon excluding NCR, Visayas and Mindanao) recorded decelerations from 2007 to 2008. Luzon’s economy slowed down from 6.2 percent to 2.7 percent while that of Mindanao decelerated from 7.0 percent to 4.0 percent.

The economy of the Visayas islands group recorded the biggest deceleration, from 7.5 percent to 3.8 percent or by 3.7 percentage points.

1 comment:

  1. hi! this is bong d. fabe. thanks for posting this my story as published by business mirror, in your blog.