THE Northern Mindanao’s economy registered a robust growth in 2018 as it posted 7 percent growth compared to the 5.9 percent growth recorded in 2017.
According to the National Anti-Poverty Commission (NAPC) secretary Noel Felongco, the Philippine Statistics Authority (PSA)-Northern Mindanao said the economy of this region surpassed the national 2018 average gross domestic product (GDP) of 6.2 percent.
The services sector in the region grew to 8.9 percent while industry expanded by 8.8 percent.
Based on PSA’s data, Felongco said the industry growth was fueled by the surge in construction as it grew by 16.3 percent, the fastest among sub-sectors.
This can be contributed to the construction growth period boosted by the government’s Build, Build, Build program, Felongco said.
Others under the industry sector were mining and quarrying which grew by 14.6 percent; manufacturing by 6.6 percent; and electricity, gas and water supply by 4.4 percent.
“But even though we are experiencing significant economic improvements, all of us, including the businesses, government, and the people’s organizations should be wary of the unplanned effects of rapid development,” Felongco said.
“We must remember that our country’s development should not be focused on one or two sectors only. habang tayo ay patuloy na gumagawa ng mga proyekto upang i-angat ang ating ekonomiya, dapat nating siguruhin na lahat ng ating mga kababayang naghihikaos sa kahirapan ay mabigyan ng sapat na oportunidad upang marinig, makaahon at umunlad,” he added.