Region X Has Highest GRDP in the Visayas and Mindanao, Ranks 3rd Nationwide

Northern Mindanao (Region 10) has the highest Per Capita Gross Regional Domestic Product (GRDP) in the Visayas and Mindanao area, and remains to be the biggest regional economy in Mindanao, latest GRDP figures from 2005 released by the National Economic Development Authority (NEDA) Region 10 office show.

Region 10 retains the biggest Gross Regional Domestic Product in Mindanao at P58.138 billion, some P2.293-billion clear of Davao’s (Region 11) P55.845-billion, still widely believed to be Mindanao’s biggest and most active economy.

Nationwide, Northern Mindanao was the sixth largest regional economy in 2005, trailing the National Capital Region (P385.663-B), Calabarzon (P150.870-B), Central Luzon (P102.456-B), West Visayas (P88.187-B) and Central Visayas (P85.944-B).

Davao ranked seventh (P55.844-B) followed by Soccsksargen (P41.571-B), Ilocos (P36,183-B) and Bicol (P34,419-B) to round out the top 10.

With a per capita GRDP of P14, 829 (at constant 1985 prices) Northern Mindanao enjoyed the top spot not only in Mindanao but in the Visayas as well, outranking other regional powerhouses like Calabarzon (P14, 159), Davao (P13, 892), Cebu (P13, 518) Negros (P12, 825) and Mimaropa (12,735).

In fact, only Metro Manila (35,742) and the Cordillera Administrative Region (17,919) outranked Region 10 in the entire country in 2005. Northern Mindanao also enjoys a higher Per Capita GDP than the 2005 national average of P14,186.

However, Region 10 failed to break the top 10 regions in terms of growth rates compared to 2004, its 3.8 percent only good for 11th place behind the ARMM which ranked tenth at 3.9%.

Zamboanga Peninsula (Region IX) was the surprise leader with 7.2 percent, edging NCR’s 7.1%. Rounding out the top 10 regions in terms of GRDP growth rates were Mimaropa (6.5), Central Visayas (6), Ilocos (6), West Visayas (5.9), Bicol (5), Davao (5), and Eastern Visayas (4).

Engr. Clark Clarete, head of NEDA-10’s macro-economic technical working group for the Regional Development Council for Region 10, told participants of the Quarterly Regional Economic Situationer (QRES) that all three sub-sectors of the economy recorded slower growths compared to 2004.

The service sector, which accounted for the 39.39 percent of the regional economy in 2005, slowed down to 6 percent from 6.4 percent the previous year. The top sub-sector performers included finance (8.3%), trade (6.9%) and private services (5.6%)

The industry sector, which made up 30.73% of the regional economy, was down to 3.1% compared to 2004’s 5%. Manufacturing was the top performing sub-sector with 4.3% while construction remained flat at 1.1% due to a decline in public construction. Electricity and water (-1.7%) and mining & quarrying (-.2%) both posted negative growths for the period.

Agriculture, fisheries and forestry was the sector most affected by the slowdown, shrinking to only 1.7 percent mainly due to the slowdown in the agriculture and fisheries sector which declined to only 2.1% from 10.3% in 2004. Clarete attributed the decline to the decrease in the production of two major regional crops, sugarcane and corn.

I N D N J C -