Northern Mindanao shows positive revenue performance

NORTHERN Mindanao showed a positive revenue performance for the first quarter of 2012, according to the National Economic and Development Authority (Neda).

The region, said the Neda report, posted P1.43 billion tax collections and P1.36 billion customs collections, which are higher by 26 and 18 percent, respectively, compared with the same period last year.

Investments monitored by the Department of Trade and Industry (DTI) also amounted to P1.06 billion during the period, up by 41 percent compared to the same period last year.

Coconut-based products consisting of coconut oil, oleochemicals and desiccated coconut remained the region’s top export commodity, comprising 58 percent of the regional total exports valued at $180.80 million.

Unlike rice and corn production, which posted downward trends, matured coconut production in the region grew by eight percent, reaching 421 million nuts during the quarter.

Copra and green nut productions also went-up by nine percent and 20 percent, respectively.

Average inflation rate, on the other hand, was at 4.5 percent, the peak being in January at 5.5 percent, and steadily going down through March to 3.7 percent. It was largely driven by the food and non-alcoholic beverages commodity group, which carries the biggest weight among the 11 commodity groups. (PIA)