Cagayan de Oro has solidified its position as the second richest city in the Philippines outside of the National Capital Region (NCR). According to the Philippine Statistics Authority (PSA), the city’s per capita Gross Domestic Product (GDP) reached P398,543 in 2024, showcasing its robust economic growth.
The city’s per capita GDP has shown a steady increase, from P343,936 in 2022 to P398,543 in 2024. This growth is a testament to Cagayan de Oro’s thriving economy, driven by its strategic location as a gateway and logistics hub for Northern Mindanao. The city’s economy is expected to continue growing, with various development projects and investments pouring in.
Cagayan de Oro trails only behind Baguio City in terms of per capita GDP among cities outside Metro Manila. The city’s economic performance is impressive, considering its smaller land area compared to other top-performing cities in Mindanao. Davao City, for instance, generated P5.76 billion in local revenue in 2024, while Cagayan de Oro generated P3.15 billion ¹ ².
With the arrival of international hotel chains like Sheraton and Dusit Thani, Cagayan de Oro is poised for further economic growth. These developments are expected to create new job opportunities and stimulate ancillary industries, contributing to the city’s continued prosperity.
As the regional center and business hub of Northern Mindanao, Cagayan de Oro plays a vital role in driving economic growth in the region. The city’s growth is expected to have a positive impact on surrounding areas, solidifying its position as a key economic driver in Mindanao.
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