CAGAYAN DE ORO CITY (October 28) — Cagayan de Oro is proving it’s more than just the gateway to Northern Mindanao — it’s fast becoming one of the Philippines’ strongest city economies.
The Philippine Statistics Authority (PSA) reports that the city’s per capita Gross Domestic Product (GDP) reached ₱398,543 in 2024, up from ₱343,936 in 2022 — placing Cagayan de Oro as the second richest city outside Metro Manila, next only to Baguio City.
Driven by its strategic location and role as Northern Mindanao’s logistics and business hub, Cagayan de Oro continues to attract investments in trade, real estate, and tourism. Its economy remains one of the most dynamic in the region, reflecting consistent growth and investor confidence.
While Davao City led Mindanao in local revenue at ₱5.76 billion in 2024, Cagayan de Oro followed with ₱3.15 billion, a strong performance for a city of its size.
Adding to its momentum are major hospitality investments, including the entry of Sheraton and Dusit Thani, which are expected to boost tourism, create jobs, and strengthen the city’s position as a regional business destination.
As the regional center and economic anchor of Northern Mindanao, Cagayan de Oro’s rise continues to benefit surrounding provinces, reinforcing its reputation as a key driver of Mindanao’s growth story.
With new infrastructure, global investors, and a thriving urban economy, the City of Golden Friendship is fast transforming into Mindanao’s next economic powerhouse.
