Camiguin, Philippines — Camiguin emerged as the economic powerhouse of Northern Mindanao in 2023, registering an impressive 11.0 percent GDP growth, the highest among provinces and highly urbanized cities (HUCs) in the region, according to the Philippine Statistics Authority (PSA).
The province’s stellar performance outpaced the 5.3 percent regional GDP growth and underscored its dynamic economic activity. Close behind Camiguin were Misamis Occidental, growing at 6.7 percent, and Misamis Oriental, recording a 6.3 percent increase. Meanwhile, the HUCs of Cagayan de Oro and Iligan City posted growth rates of 5.8 percent and 5.7 percent, respectively.
Regional Economic Breakdown
Despite Camiguin’s remarkable growth, the City of Cagayan de Oro remained the largest contributor to Northern Mindanao’s economy, accounting for 28.1 percent of the region’s PhP 984.75 billion GDP at constant 2018 prices. Bukidnon followed with a 26.2 percent share. Combined, these two areas contributed more than half of the regional economy.
The economic growth in the region reflects widespread recovery and development across all provinces and HUCs, buoyed by diverse industries such as agriculture, tourism, manufacturing, and services.
Key Drivers of Growth
Camiguin’s rapid growth was fueled by its thriving tourism sector, supported by improved infrastructure and aggressive promotional campaigns. The province also benefited from enhanced agricultural productivity and increased investments in small to medium-sized enterprises.
Looking Ahead
Local government officials and economic stakeholders in Northern Mindanao are optimistic about sustaining the upward trend, with efforts underway to bolster infrastructure, attract investments, and promote sustainable development.
Complete economic performance statistics, data visualizations, and detailed analyses are available at the PSA official website (psa.gov.ph/statistics/ppa) and the regional PSA office (rsso10.psa.gov.ph/statistics/ppa).
About the Data
The GDP estimates are based on the 2023 Provincial Product Accounts (PPA), a measure used to assess the economic performance of provinces and HUCs at constant prices. The PPA results provide critical insights for regional planning and policy formulation.
For further details, contact the PSA regional office or visit the PSA website.