29.2 C
Cagayan de Oro
Friday, April 12, 2024
spot_imgspot_img

Cagayan de Oro Rising

By Mike Baños

CAGAYAN DE ORO CITY – Residents and stakeholders of this capital city of Northern Mindanao were recently treated to the inspiring news that it has become the second richest city outside Metro Manila.

The report was contained in the Provincial Product Accounts (PPA) of the 16 pilot regions outside the National Capital Region (NCR), covering 82 provinces and 17 Highly Urbanized Cities (HUCs) from November to December 2023 released for the first time by the Philippine Statistics Authority (PSA). 

The PPA is a mechanism to compile the Gross Domestic Product (GDP) at the subnational level.

The Special Release highlighted the economic performance of all provinces and HUCs included in the PPA compilation in 2023, particularly in terms of their per capita GDP, which is defined as the estimated average contribution of each individual to the GDP.

The PSA report showed Cagayan de Oro City has the second highest Per Capita GDP of the pilot 10 Provinces and Highly Urbanized Cities outside Metro Manila with P343,936 in 2022, trailing only Baguio City.

It also had the highest Per Capita GDP among the cities and provinces surveyed in the Visayas and Mindanao.

However uplifting this latest news may be, there have been many previous signs that this City of Golden Friendship was on a steady uptrend, despite the debilitating effects of the recent pandemic.

Already, it accounts for the lion’s share of the Northern Mindanao economy, contributing 2.6 percent of the region’s 7.2 percent growth in 2021-2022.

Cagayan de Oro City similarly accounted for 28 percent of the Gross Regional Domestic Product (GRDP) of Northern Mindanao with P261.8-billion  (at constant 2018 prices) 

According to the Philippine Statistics Authority Region X, Cagayan de Oro City recorded the highest growth rate among the provinces and highly urbanized cities in 2022, expanding at 9.4 percent. Misamis Oriental and Camiguin grew by 9.1% and 8.0%, respectively. The growth rates of these three economies exceeded the 7.2 percent regional growth. 

In the latest Philippines Cities and Municipalities Competitiveness Index, Cagayan de Oro City ranked as the 7th Overall Most Competitive Highly Urbanized City in 2023, up one rank higher than the previous year. The city was also ranked 2nd in Resiliency, 5th in Innovation, 7th in Government Efficiency, 7th Most Improved Highly Urbanized City, and 8th in Infrastructure.

Metropolis in the Making

According to the Philippine Development Plan for 2023-2028, Cagayan de Oro is expected to be the Philippines’ fourth metropolitan area by 2025, based on its projected population growth, strategic location as gateway and logistics hub for Northern Mindanao, and role as a key education center in the south.

As the regional center and business hub of Northern Mindanao, the Metropolitan Cagayan de Oro area includes the city of El Salvador; fourteen municipalities of Misamis Oriental (AlubijidBalingasagClaveriaGitagumInitaoJasaanLaguindinganLibertadLugait, ManticaoNaawanOpolTagoloan, and Villanueva);  and six municipalities of Bukidnon (Manolo FortichBaungonLibonaMalitbogSumilao and Talakag). 

Resilient Regional Economy

Cagayan de Oro’s reputation as the standard bearer for the Northern Mindanao economy has been further bolstered by the resiliency showed by Region X following the recent pandemic.

After shrinking by 5.3% in 2019-2020, the Northern Mindanao regional economy surged to a 6.3% growth in 2020-2021, a P97.4-B turnaround that spoke volumes of its resiliency. The following year, it accelerated further by 7.2%.

Region 10 expanded by 7.2% in 2022, with total GRDP valued at P935 billion at constant 2018 prices. 

In nominal terms, Northern Mindanao joined the ranks of trillion-peso economies registering P1.07-trillion in total output at current prices last year. (with inputs from  NEDA/RDC-X and PSA-10)

- Advertisement -spot_img

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

5,250FansLike
449FollowersFollow
1,170SubscribersSubscribe
- Advertisement -spot_img

Latest Articles

- Advertisement -spot_img