CEBU propelled Central Visayas’ economy forward in 2023, topping the region with strong performances across its provinces and highly urbanized cities, according to the latest Provincial Product Accounts (PPA) from the Philippine Statistics Authority (PSA).
PSA-7 Chief Statistical Specialist Engr. Leopoldo P. Alfanta Jr. and PSA Cebu chief chief Melchor Bautista reported that Cebu Province and its three highly urbanized cities, including Cebu City, Lapu-Lapu City, and Mandaue City, achieved substantial economic growth last year.
Cebu Province posted a 6.0 percent increase, while the cities recorded growth rates of 8.3 percent, 9.4 percent, and 7.6 percent, respectively.
Cebu Province maintained its status as Central Visayas’ largest economy, contributing 29.8 percent to the region’s total output.
Bautista noted that the province’s economy expanded from P388.06 billion in 2022 to P411.32 billion in 2023, the highest among the region’s provinces.
Cebu City ranked second with 22.6 percent of the regional economy, followed by Bohol with 13.2 percent.
Negros Oriental secured the fourth spot at 12.9 percent,
while Lapu-Lapu City and Mandaue City placed fifth and sixth with shares of 12.0 percent and 8.5 percent, respectively.
Siquijor held the smallest share at 0.9 percent.
Meanwhile, Cebu City’s gross domestic product (GDP) climbed to P312.71 billion in 2023, up from P288.77 billion in 2022.
Lapu-Lapu City saw its GDP grow from P151.44 billion in 2022 to P165.61 billion in 2023, while Mandaue City’s economy expanded from P109.62 billion to P117.99 billion.
Services dominated Cebu City’s economy, accounting for 89.7 percent of its output, while industry and agriculture, forestry, and fishing (AFF) contributed 9.8 percent and 0.5 percent, respectively.
In Lapu-Lapu City, industry led with 50.5 percent of its economic activity, followed closely by services at 49.2 percent. AFF accounted for just 0.3 percent.
Mandaue City saw services contribute 68.3 percent to its economy, with industry at 31.7 percent and AFF at a minimal 0.03 percent.
Cebu City’s growth stemmed from strong financial and insurance activities, wholesale and retail trade, and accommodation and food services.
Lapu-Lapu City recorded significant contributions from transportation and storage, accommodation and food services, and construction.
Mandaue City’s economy thrived on wholesale and retail trade, repair of motor vehicles and motorcycles, accommodation and food services, and transportation and storage.
The services sector drove regional growth with a 62.0 percent share, while industry contributed 29.1 percent and AFF 8.9 percent.(MyTVCebu)