Central Visayas, CARAGA among PH’s fastest growing regional economies in 2024

This is AI generated summarization, which may have errors. For context, always refer to the full article.

This is the second year in a row that Central Visayas — comprising the provinces of Cebu, Bohol, Negros Oriental, Siquijor — was the fastest growing regional economy in the Philippines

CAGAYAN DE ORO, Philippines – The Central Visayas region was the country’s fastest growing regional economy in 2024, latest data from the Philippine Statistics Authority (PSA) showed.

According to PSA data released on Tuesday, April 22, Central Visayas’ gross regional domestic product (GRDP) grew 7.3% last year, higher than the Philippines’ overall gross domestic product of 5.7%.

This is the second year in a row that Central Visayas — comprising the provinces of Cebu, Bohol, Negros Oriental, Siquijor — was the fastest growing regional economy in the Philippines.

CARAGA, which includes the provinces of Agusan del Norte, Agusan del Sur, Dinagat Islands, Surigao del Norte, Surigao del Sur, trailed Central Visayas with its GRDP growing 6.9% in 2024.

Other regions that registered GRDP growth faster than the national rate include Central Luzon (6.5%), Davao Region (6.3%), Eastern Visayas (6.2%), Northern Mindanao (6%), and the Negros Island Region (5.9%).

Image from the Philippine Statistics Authority

In terms of household expenditure, Central Visayas recorded the fastest growth at 7.7%, while the Western Visayas was the slowest at just 3.3%.

Central Visayas also recorded the fastest growth of GRDP per capita, or a region’s economic output per person. The Bangsamoro Autonomous Region in Muslim Mindanao, meanwhile, saw the slowest growth at just 1%.

Image from the Philippine Statistics Authority

Behind Central Visayas’ two-year streak

According to the PSA’s Central Visayas office, the region’s GRDP stood at P1.28 trillion pesos as of end-2024. This accounted for 5.7% of the country’s GDP.

With booming tourist destinations within its borders, Central Visayas also saw its accommodation and food services sector grow 14.6% last year. Tourism department data show around 7.58 million tourists visited the region, 37% more than 2023.

Its social services and transport sectors also logged double-digit growth at 11.9% and 11.3%, respectively. – Rappler.com