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PIA Press Release

Northern Mindanao ranks 5th in regional economies in RP

by Rutchie Cabahug-Aguhob

Cagayan de Oro City (6 August) -- Despite Northern Mindanao's performance as the fastest growing economy among the six (6) regions of Mindanao, its rank among the country's 17 regions has slid down from No. 1 in 2008 to No. 5, last year.

This, after the region's growth rate of 5.2 percent in 2008 dropped to 2.9 percent in 2009, posting the lowest economic performance since its reorganization by virtue of Executive Order No. 36, series of 2001.

Such EO paved the return of Lanao del Norte to Region 10 from Region 12, Linnito M. Pascual, Regional Division Head, National Statistical Coordinating Board (NSCB), region 10, said during a recent forum at the Philippine Information Agency, this city.

The economic performance of region 10, last year, weakened with the deceleration of all the sectors, namely agriculture, fishery and forestry (AFF), industry and services. In fact, it has switched places with Region V - Bicol.

"The Bicol Region with a growth rate of 4.3 percent ranked No. 5 in 2008, but was ranked No. 1, last year, when it posted a growth rate of 8.2 percent, among the 17 regions," he said.

Meanwhile, the following 13 regional economies posted increases in their growth rates and were ranked based on growth rates in 2008 and 2009, at constant 1985 prices:

Region IX - Zamboanga Peninsula, 2nd, 6.8 percent, Region VI - Western Visayas, 3rd, 5.9 percent, Region XI - Davao, 4th, 5.4 percent, Region XIII - Caraga, 6th, 2.7 percent and Autonomous Region of Muslim Mindanao (ARMM), 7th, 2.6 percent.

Cordillera Autonomous Region (CAR), 8th, 2.0 percent, Region II - Cagayan Valley, 9th, 1.9 percent, Region VIII - Eastern Visayas, 10th, 1.8 percent and Region XII - South Cotabato, Cotabato, Sultan Kudarat, Sarangani and Gen. Santos (SOCCSKSARGEN), 11th, 1.3 percent.

Region IVB - Mindoro, Marinduque, Romblon and Palawan (MIMAROPA) and Region VII - Central Visayas, both ranked 12,th with 0.8 percent growth rates, each.

However, four (4) of the regional economies posted negative growth rates: National Capital Region (NCR), Metro Manila, 14th, -0.4 percent and Region I - Ilocos, 15th, -1.0 percent.

Region III - Central Luzon, 16th, -1.4 percent and Region IVA - Cavite, Laguna, Batangas, Rizal and Quezon (CALABARZON), 17th, -1.6 percent. (PIA-10) [top]

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