This is according to the latest GRDP figures from 2005 released by the National Economic Development Authority (NEDA) Region 10.
The region is the biggest economy in Mindanao at P58.138 billion, some P2.293-billion higher than the P55.845-billion of Davao (Region 11), which is 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 billion), Calabarzon (P150.870 billion), Central Luzon (P102.456 billion), Western Visayas (P88.187 billion) and Central Visayas (P85.944 billion).
Davao ranked seventh (P55.844 billion), followed by Socsksargen (P41.571 billion), Ilocos (P36.183 billion) and Bicol (P34.419 billion).
With a per capita GRDP of P14,820 (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 (P12,735).
In fact, only Metro Manila (P35,742) and the Cordillera Administrative Region (P17,919) outranked Region 10 in 2005. Northern Mindanao also enjoys a higher per capita GDP than the 2005 national average of P14,186.
However, Region 10 failed to make it to the list of top 10 regions in terms of growth rates compared to 2004; its 3.8 percent growth rate was only good for 11th place. It was even behind ARMM, which ranked tenth, with a growth rate of 3.9 percent.
Zamboanga peninsula (Region 9) was the surprise leader with 7.2 percent, edging NCR’s 7.1 percent. Completing the top 10 regions with the highest GRDP growth rates were Mimaropa (6.5 percent), Central Visayas (6 percent), Ilocos (6 percent), Western Visayas (5.9 percent), Bicol (5 percent), Davao (5 percent), and Eastern Visayas (4 percent).
Engineer Clark Clarete, head of NEDA-10’s macro-economic technical working group for the Regional Development Council, 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 39.39 percent of the regional economy in 2005, slowed down to six percent from 6.4 percent the previous year. The top sub-sector performers included finance (8.3 percent), trade (6.9 percent) and private services (5.6 percent).