NM sustains P1-T economy status

MISAMIS ORIENTAL — Northern Mindanao remains one of the country’s key economic powerhouses, retaining its position among only six regions with economies valued at over P1 trillion, despite missing its growth targets due to global economic pressures, climate risks, and sectoral slowdowns.

The Philippine Statistics Authority (PSA)-10 reported the latest regional economic performance on 23 April, underscoring the region’s continued contribution to national growth.

“Northern Mindanao continues to demonstrate strong economic performance, sustaining its position among the Philippines’ trillion-peso economies and reaffirming its role as a vital driver of national development,” said PSA-10 Regional Director Janith C. Aves.

Services sector leads growth

Growth was anchored by the services sector, which expanded by 8 percent and accounted for 58.2 percent of total output. Wholesale and retail trade remained the largest contributor within the sector.

Agriculture, forestry and fisheries posted a modest recovery, growing by 1.3 percent from 0.1 percent the previous year. Bukidnon retained its status as the country’s top agricultural producer, while the region ranked second nationwide in agricultural contribution.

The industry sector grew by only 0.6 percent, weighed down by a 5.5 percent decline in construction due to stricter project validation processes. Manufacturing remained stable, supported by food and beverage production.

“These figures reflect both our strengths and areas needing further support,” Aves said.

Resilience amid missed targets

Department of Economy, Planning and Development (DEPDev)-10 Regional Director Mylah Faye Aurora B. Cariño said the region missed its 6.5 to 8 percent growth target due to global uncertainties and climate-related disruptions. Still, she said breaching the P1-trillion mark highlights strong economic fundamentals.

“We remain one of only six regions to surpass the P1-trillion threshold, showing resilience amid challenges,” Cariño said.

She added that sustained investments, sound policies, and a whole-of-society approach are key to long-term competitiveness.

Consumption drives demand

Household consumption remained the main growth driver. Spending on goods and services stayed strong, while spending on valuables surged by 39.1 percent, reflecting improved consumer and investment confidence. The region also rose to 10th place in per capita household spending nationwide.

Programs and priorities

To address gaps, the government is implementing the Unified Package for Livelihoods, Industry, Food and Transport, which includes fuel subsidies for transport workers, emergency employment, and support for farmers and fisherfolk.

Key infrastructure projects include the Bukidnon Airport and tourism developments in Misamis Occidental.

Officials also flagged risks such as geopolitical tensions and the projected Super El Niño, with agriculture, tourism, and energy security identified as priority sectors.

Inclusive finance push

Stakeholders are also advancing Islamic microfinance as a financial inclusion tool, following a workshop at MSU-Iligan Institute of Technology involving academe, cooperatives, and financial institutions.

Experts said limited awareness remains a key barrier, stressing the need for stronger research and education to support wider adoption.