THE economy of Northern Mindanao has lost P44.9 billion or a 5.2 percent drop in 2020.
According to the Philippine Statistics Authority (PSA), the main drivers of the economic contraction in the region were the Construction, which posted a 21.7-percent decline; Wholesale and Retail trade, repair of motor vehicles and motorcycles with 5.7-percent decrease; and transportation and storage which reduced by 39.5 percent.
Manufacturing, Financial and insurance activities, and Information and communication industries posted expansion, at 11 percent, 8 percent, and 4.7 percent, respectively.
Services, which accounted for 53.1 percent of the total regional economy, recorded the fastest decline of 9 percent among the major industries. Under Services, the Accommodation and food service activities registered a 49.6-percent decrease; followed by Transportation and storage at 39.5 percent, Real estate and ownership of dwellings at 14.4 percent, and Other services at 12.4 percent.
Among the industries under Services, only Financial and insurance activities, Information and communication, and Public administration and defense and compulsory social activities showed an increase of 8 percent, 4.7 percent, and 1.4 percent, respectively.
Northern Mindanao was third among the 17 regions in the country in terms of the slowest contraction of the regional economy. This is followed by Soccskargen, which contracted by 4.3 percent, and Bangsamoro Autonomous Region in Muslim Mindanao by 1.9 percent.
Northern Mindanao was also one of the ten regional economies that posted a decline slower that the national contraction rate of 9.6 percent.