MANILA, Philippines - Mindanao's gross domestic product (GDP) grew 7.4 percent in 2014, according to the Philippine Institute for Development Studies.
Mindanao Development Authority (MinDA) executive director and Undersecretary Janet Lopoz said Mindanao has been contributing and pulling up the national average in terms of economic development.
MinDA was formed in 2009 by Republic Act (RA) 9996 to oversee and coordinate all development efforts of Mindanao.
Past development gains in Mindanao were usually coming from the agriculture sector. In recent years, however, the services sector has matched the gains in agriculture. The services sector, together with the booming public works in Mindanao, is now considered a major economic driver.
"What’s happening in Mindanao is a microcosm of what is happening in the entire country,” Lopoz said.
Currently, six Mindanao provinces are in the top 10 of the 2015 Cities and Municipalities Competitive Index of the National Competitiveness Council.
Davao del Sur ranks first in the index, followed by Misamis Oriental (second), South Cotabato (fourth), Zamboanga del Sur (fifth), Agusan del Sur (seventh), and Camiguin (10th).
According to Lopoz, this reflects economic dynamism, government efficiency, and infrastructure growth in the region in recent years.
Local and international trade in Mindanao has also showed significant improvements. Products from the region have penetrated large markets aside from the usual export destinations, such as the United States and Japan. In fact, Mindanao is now exporting to countries in Africa and to Switzerland, Russia, South Korea, and Australia.
"Mindanao is poised to be a major player in the world market,” she said during the formal signing ceremonies of a partnership between MinDA and the PIDS.//
