Northern Mindanao’s economy expanded by 6.0 percent in 2024, accelerating from the 5.2 percent growth recorded the previous year. This growth pushed the region’s Gross Regional Domestic Product (GRDP) to the trillion-peso mark.

All industries posted increases in gross value added, with the top three fastest-growing industries: Other services, 12.6 percent; Accommodation and food service activities, 11.6 percent; and Construction, 11.5 percent. (Figure 1)

Figure 1. Northern Mindanao, Growth Rates by Industry: 2023-2024
At Constant 2018 Prices, in Percent

Source: Philippine Statistics Authority

Services remained the largest contributor to the region’s Gross Domestic Product (GDP), accounting for 56.5 percent of the total. Industry followed with a 25.6 percent share, while Agriculture, Forestry, and Fishing (AFF) shared 17.9 percent.

The main growth driver in 2024 was Wholesale and retail trade; repair of motor vehicles and motorcycles, which contributed 1.9 percentage points to the region’s overall growth. Construction followed with a 0.9 percentage point contribution, while Manufacturing added 0.6 percentage point. Combined, these three industries accounted for 3.4 percentage points, which was more than half of the region’s total 6.0 percent economic growth.

Northern Mindanao contributed 0.3 percentage point to the country’s total economic growth of 5.7 percent in 2024. It accounted for 4.7 percent of the Philippines' GDP, making it the sixth largest regional economy in the country.

(SGD.)JANITH C. AVES, CE, DM
Regional Director

SBB/BMC