NORTHERN Mindanao’s economy expanded by 6% in 2024, driven by continued growth in key urban centers and strong performance in the services and construction sectors, according to latest data from the Philippine Statistics Authority (PSA).

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 regional economy reached P1.27 trillion, reflecting a 7.7% nominal growth rate.

Oro, Iligan lead urban growth

The PSA reported that Cagayan de Oro City remained the region’s top economic contributor, posting a 6.8% real GDP growth and accounting for 28.3% of Northern Mindanao’s total output in 2024.

The city’s economy reached P295.6 billion at constant prices, or nearly P353.5 billion at current prices.

“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 PSA-10 Regional Director Dr. Janith Aves.

Meanwhile, Iligan City recorded the region’s fastest GDP growth at 8.8%, reaching P88.5 billion at constant prices.

“The surge in Iligan’s industry and construction sectors reflects ongoing post-pandemic recovery and renewed private investment,” Aves said.

Provincial economies maintain steady gains

Among the provinces, Bukidnon — the region’s agricultural powerhouse — posted a 3.8% growth rate, contributing P267.8 billion to the regional economy.

Misamis Occidental and Misamis Oriental expanded by 7.5% and 5.9%, 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%, driven by a rebound in tourism and hospitality services.

Lanao del Norte grew by 5.3%, reflecting gradual improvements in commerce and local industries.

Rising per capita income

The PSA also reported that Northern Mindanao’s per capita GDP increased to P245,917 at current prices in 2024, up from P228,905 in 2023.

At constant prices, per capita GDP grew 5.8%, reaching P201,512.

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.

“These figures show a consistent upward trajectory in regional productivity and household income,” Aves said.

She added: “We are seeing a more balanced recovery, with both urban and rural economies showing steady momentum.”

Regional outlook

Overall, the PSA said the 6% growth demonstrates Northern Mindanao’s resilience amid global and domestic economic challenges.

The region’s growth outpaced its 2023 expansion of 5.2%, indicating sustained post-pandemic recovery.

“Northern Mindanao continues to strengthen its role as a major contributor to the country’s economic development. With strong linkages across agriculture, manufacturing, and services, the region is well-positioned for inclusive growth in the years ahead,” Aves said.