The island province of Camiguin saw a contraction of its Agriculture, Forestry, and Fishing (AFF) sector in recent years, based on the latest available data released by the Philippine Statistics Authority in March 2024.
AFF dropped by 4.5 percent in the province, while Industry sector growth slowed down by 4 percent in 2022.
Overall, Camiguin’s provincial economy is predominantly driven by Services (60.2 percent), followed by Industry (26.7 percent) and AFF (13.1 percent).
This collectively resulted in the province accounting the least share to Northern Mindanao’s Gross Regional Domestic Product at only 1.2 percent. Meanwhile, the economic share of other areas in the region ranged from 6.4 percent to 28 percent.
Camiguin is one of the four local economies in Northern Mindanao that registered a decline in AFF, along with Lanao del Norte, the City of Iligan, and Misamis Occidental.
In sum, Camiguin’s AFF only had 0.8 percent share of the region’s Gross Domestic Product (GDP).
Aside from having the least Industry share of 1.2 percent, Camiguin was also one of the four economies that grew slower than the average regional growth of 6.6 percent.
Although the province registered the fastest growth in Services among the region’s seven economies at 13.1 percent, it nonetheless accounted for the least share of 1.3 percent in terms of Services in Northern Mindanao.
In terms of per capita GDP, Camiguin was one of the four economies which posted lower per capita GDP than the regional per capita GDP at 182.36 thousand pesos.