Mindanao logs 7.2% economic growth

DAVAO CITY – Mindanao has again proven its significant role in propelling the country’s economic growth, achieving a remarkable 7.2 percent Gross Regional Domestic Product (GRDP) last year.

Presidential Assistant for Mindanao-Eastern (OPAMINE) Secretary Leo Tereso A. Magno said in his closing remarks during the Davao Investment Conference (ICON) on Wednesday, July 19, that Mindanao’s “much improved peace and order” contributes to the country’s overall economic growth.

“The data never lies. Mindanao contributed 7.2 percent to the Philippines’ GRDP according to the Philippine Statistics Authority (PSA),” Magno said.

In a separate statement, PSA highlighted Mindanao’s exceptional economic performance in 2022, which was only below the national GDP of 7.6 percent.

According to the PSA, Davao region stood out with a notable growth rate of 8.15 percent while Caraga followed closely with 5.9 percent.
The other regions in Mindanao, which include Regions 9, 10, 12, and the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM), also had favorable growth rates, ranging from 6.59 percent to 7.5 percent.

Magno commended the Davao City Chamber of Commerce and Industry Inc. (DCCCII) for its efforts to strengthen the economic stability of this city and the Davao region. He said the business sector significantly impacts the country’s development.

“Aside from the good governance of the past decades and the peace and order campaign, DCCCII also played a major role in giving limitless opportunities to Davaoeños,” Magno said.

Davao region placed third in the Philippine Economic Growth Rate in 2022.

Even in the pandemic, Magno said Mindanao displayed remarkable resilience and adaptability in its economic pursuits, leading to increased interest from investors and tourists to the region.

He said that the administration of President Ferdinand R. Marcos Jr. also expressed gratitude for the endless support of the business sector, acknowledging them as a significant ally in their efforts to achieve a “Bagong Pilipinas” (New Philippines).

“Davao City has been recovering well with your continuous efforts to help the government. More business companies have been showing interest in investing here in the city,” Magno added.

Magno said that maintaining a strong alliance between the government and the business sector is vital for upholding the economic stability of a region. He added that the evident positive rapport between the DCCCII, the local government unit, and the national government exemplifies this.

More than 300 participants from various regions across the country convened at the three-day Davao ICON 2023 to explore the investment prospects available in this city.