CDO drives 6% economic growth of N. Mindanao
CAGAYAN DE ORO CITY—The economy of Northern Mindanao region expanded by 6 percent in 2024, driven by continued growth in key urban centers and strong performance in the services and construction sectors, latest data from the Philippine Statistics Authority (PSA) showed.
The region’s gross domestic product (GDP), at constant 2018 prices, rose to P1.04 trillion, up from P984.17 billion in 2023. At current prices, the value of the regional economy reached P1.27 trillion, reflecting a 7.7-percent nominal growth rate.
The region’s growth in 2024 outpaced its 2023 expansion of 5.2 percent.
The PSA reported that in 2024, Cagayan de Oro City remained the region’s top economic contributor, posting a 6.8-percent real GDP growth and accounting for 28.3 percent of total regional output.
The city’s economy reached a value of P295.6 billion at constant 2018 prices, or nearly P353.5 billion at current prices.
READ: CDO economy grows 6.8% in 2024 driven by services sector
“Cagayan de Oro continues to drive regional expansion through trade, services and infrastructure investment. Its growth reinforces its role as Northern Mindanao’s primary economic hub,” said Myrna Perez, PSA regional director.
Meanwhile, Iligan City recorded the region’s fastest GDP growth at 8.8 percent, with its total output valued at P88.5 billion. “The surge in Iligan’s industry and construction sectors reflects ongoing postpandemic recovery and renewed [inflow of] private investment,” Perez said.
Steady gains
Among the provinces, Bukidnon—the region’s agricultural powerhouse—posted a 3.8-percent growth rate, contributing P267.8 billion to the regional economy.
The provinces of Misamis Occidental and Misamis Oriental expanded by 7.5 percent and 5.9 percent, respectively, supported by gains in services and industry.
Camiguin, the smallest province in the region, recorded one of the highest growth rates at 8.6 percent, driven by a rebound in tourism and hospitality services.
Lanao del Norte province grew by 5.3 percent, reflecting gradual improvements in commerce and local industries.
“We are seeing a more balanced recovery, with both urban and rural economies showing steady momentum.”
With steady economic expansion, per capita income in the region has also increased, from P228,905 in 2023, to P245,917 in 2024.
Residents of Cagayan de Oro had the highest per capita GDP at P476,600, followed by Iligan City at P285,583 and Misamis Occidental at P267,380. This wide disparity explains why the regional center is a magnet for job seekers.
