Davao City has once again solidified its position as the economic powerhouse of Mindanao, claiming the largest share of the region’s Gross Domestic Product (GDP) in 2023. Based on the Philippine Statistics Authority’s (PSA) Provincial Product Accounts report, the city contributed at least P532.54 billion, making up 14.8 percent of Mindanao’s total GDP, which stood at P3.60 trillion.
Following Davao City in economic output were Cagayan de Oro City and Bukidnon, recording GDP values of P276.86 billion and P258.31 billion, respectively. This economic performance further underscores Davao City’s crucial role in shaping the financial landscape of the region.
The city also saw an increase in its per capita GDP, rising to P271,958 in 2023 from P258,811 in 2022. This growth highlights not just the city’s expanding economy but also the improved economic well-being of its residents. In terms of GDP growth rate, Davao City ranked second among Mindanao’s provinces and highly urbanized cities, posting a 7.5 percent increase.
The continued economic expansion of Davao City is attributed to its strategic government initiatives focused on infrastructure development, business-friendly policies, and robust public services. The city’s leadership has been instrumental in fostering an environment conducive to investment, job creation, and sustainable development.
As the economic center of Mindanao, Davao City’s strong performance serves as a beacon of progress for the region. With a steadfast commitment to further strengthening its socio-economic standing, the city is well-positioned to sustain its growth trajectory and contribute significantly to national development in the years to come.