Contrary to a viral social media claim, the Regional Development Council (RDC) of Northern Mindanao has debunked the notion that Cagayan de Oro City has overtaken Davao City as the fastest-growing economic and financial hub in Mindanao. The RDC advised the public to rely on verified data and credible sources for accurate information. The 2022 release of the Philippine Statistics Authority (PSA) shows that Cagayan de Oro's GDP grew by 9.4% at constant 2018 prices from 2021, while Davao's growth rate was slightly lower at 8.9%. However, in terms of value, Davao still maintains its position as the largest economy in Mindanao, with a GDP output of P495 billion at constant 2018 prices, compared to Cagayan de Oro's P262 billion. The Department of Trade and Industry (DTI) also released the results of the 2023 Cities and Municipalities Competitiveness Index (CMCI), which ranked Davao as the 6th most competitive highly urbanized city in the country, followed by Cagayan de Oro at 7th.