Two international hotel chains — Sheraton and Dusit Thani – are set to build hotels in Cagayan de Oro, the third in Mindanao for Dusit Thani and the first in Mindanao for Sheraton.
Dusit Thani operates two in the Davao region – Dusit Thani Residence Davao in Davao City and Dusit Thani Lubi Plantation Resort in Davao de Oro.
Raymundo Talimio, Jr., president of the Cagayan de Oro Chamber of Commerce and Industry (Oro Chamber), said in an interview over Magnum Radio on March 19 that these two firms have purchased land in the city where they would build their hotels.
Talimio’s announcement came a day after the Philippine Statistics Authority (PSA) reported that Cagayan de Oro is now the second richest city outside Metro Manila, next only to Baguio City.
The PSA on March 18 released for the first time the results of the Provincial Product Accounts (PPA) of the 16 pilot regions outside the National Capital Region, covering 82 provinces and 17 Highly Urbanized Cities (HUCs) from November to December 2023. The PPA is a mechanism to compile the Gross Domestic Product (GDP) at the subnational level.
Baguio City ranked first with P420,016 followed by Cagayan de Oro City with P346,936 and Lapu-Lapu City with P313,039.
Only two Mindanao cities made it to the Top Ten: Cagayan de Oro as second and Davao City as ninth with P258,811.
The PSA results highlight the economic performance of all provinces and HUCs included in the PPA compilation in 2023, particularly in terms of their per capita GDP, which is defined as the estimated average contribution of each individual to the GDP. (Froilan Gallardo / MindaNews)
