NORTHERN Mindanao’s economy grew by 7.6 percent in 2016, up 1.9 percentage points from the 5.7 percent posted in 2015, the Philippine Statistic Authority-10 (PSA-10) said.
PSA-10 Regional Director Eddie Nasol disclosed the figure during a forum with business groups and stakeholders at the Limketkai Commercial Center here Thursday.
He said the region posted consistent growth in the industry and service sectors in the last six years.
The industry sector posted a 10.3 percent increase in 2016 as against the 4.8 percent growth in 2015.
The industry sector is composed of the mining and quarrying industry and the construction and the manufacturing industry, while services involved education, transport, banking and the trading sectors.
Leon M. Dacanay, Jr., National Economic and Development Authority-10 director, cited several factors that contributed to the growth of Northern Mindanao’s economy, such as the opening of more flights at the Laguindingan Airport in Misamis Oriental and the prospect of the ongoing peace negotiations with the communist New People’s Army (NPA).
He also cited the election of President Rodrigo Duterte, who comes from Davao City, as one of the factors that may have contributed to the growing confidence of investors to key cities in Mindanao. (Cris Diaz/PNA)
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