Mindanao's 2 trillion economies

The Data from the Philippine Statistics Authority shows that Mindanao now has two trillion peso economies: the Davao Region at P1.08 trillion and Northern Mindanao at P1.04 trillion. In this column, we will examine these figures. In future columns, I will try to dive deeper into these numbers and what they mean for local businesses, farms, and the general population, which comprise our local economies.

- JOHN TRIA

The Davao Region, with Davao City as its regional capital, remains the fourth-largest economy in the country, with a 2024 growth rate at 6.3 percent, slightly lower than the 6.7 percent in 2023. This is comprised of services at 61 percent, followed by Industry at 25.3 percent, and agriculture, fishery, and forestry at 13.6 percent.

The Northern Mindanao economy, with Cagayan de Oro City as its regional capital, grew by six percent in 2024, up from 5.2 percent in 2023, the sixth fastest growing regional economy in 2024. Its service sector comprised 56.5 percent, with industry at 25.6 percent and agriculture, fishery, and forestry at 17.9 percent.

When combined, the Davao and northern Mindanao regions compose almost a 10th of the country’s GDP. Their continuous growth can pull up adjacent regions, as these are where major ports, financial centers, trading posts, and logistics hubs are located.