BUSINESS/ECONOMY MINDANAO mindanao development authority MINDA

MINDANAO GRDP HIGHER THAN NATIONAL AVERAGE

2019 GRDP projected at 7.2%

Mindanao’s Gross Regional Domestic Product (GRDP) for 2019 is expected to hit 7.2 percent, an official of the Mindanao Development Authority (MinDA) said Wednesday in Davao City.

In a press briefing, MinDA Assistant Secretary Romeo Montenegro said the expected 2019 GRDP 2019 is higher than the national growth average of 7.1 percent.

ECONOMIC GROWTH. Mindanao’s 2019 Gross Regional Domestic Product is expected to hit the 7.2-percent mark, Mindanao Development Authority Assistant Secretary Romeo Montenegro says during a press briefing in Davao City on Wednesday (Jan. 15, 2020). He said the sustained growth is on the back of sustained expansion of the services, industry and agri-fisheries sectors across Mindanao’s regions. (PNA photo by Digna Banzon)

This, he said, is on the back of sustained expansion of the services, industry, and agri-fisheries sectors across the regions of Mindanao.

“As we have seen in nearly two decades, Mindanao’s economy has managed to demonstrate uninterrupted growth — from 5.4 percent in 2001-2002 to 7.2 (percent) in 2018-2019, with an average growth rate of 5.8 percent,” Montenegro said.

Montenegro also noted that from 2010 to 2019, Mindanao posted an average GRDP growth rate of 6.6 percent, higher than the national average of 6.2 percent.

This is most notable, he said, even against the backdrop of a power supply shortfall and rotating brownouts during the first half of the decade in review.

“Such robust Mindanao performance showed Mindanao’s resilience amidst adversity, and the island being able to gain from structural reforms and sustained development programs,” he added.

He said the measures have helped “encourage investments that create jobs, raise incomes, and improve people’s lives. (PNA)

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