Central Visayas emerges as country's fastest-growing region

Local

CENTRAL Visayas retained its position as the fastest-growing regional economy in the Philippines in 2024, posting a 7.3 percent growth in its gross regional domestic product (GRDP), despite the separation of Negros Oriental and Siquijor to the newly created Negros Island Region (NIR).

The region’s economic output climbed to P1.28 trillion in 2024 from P1.19 trillion in 2023, fueled by growth in tourism, trade, and services.

This growth rate outpaced the national average of 5.7 percent and was achieved even after the reorganization. Now consisting only of Cebu and Bohol, Central Visayas continues to lead in economic performance.

According to Philippine Statistics Authority-Central Visayas (PSA-7) Office-in-Charge Wilma Perante, GRDP measures the value of goods and services produced in a region, reflecting the economy’s performance from the perspective of producers.

PSA-7 Chief Statistical Specialist Leopoldo Alpanta Jr. emphasized that Central Visayas remains the "largest economy in the Visayas and Mindanao."

Services contributed the largest share to the region’s GRDP at 70.1 percent, followed by industry at 24.9 percent and agriculture, forestry, and fishing (AFF) at 5.0 percent.

Services expanded by 7.6 percent, industry by 6.8 percent, and AFF by 5.4 percent.

Key growth drivers included wholesale and retail trade, the repair of motor vehicles and motorcycles (7.7 percent), manufacturing (6.6 percent), and financial and insurance activities (7.1 percent).

Sub-industries like accommodation and food services, human health and social work, and transportation and storage also posted strong performances at 14.6 percent, 11.9 percent, and 11.3 percent, respectively.

National Economic and Development Authority (NEDA) 7 Director Jennifer Bretaña noted that the region’s growth exceeded expectations, with tourist arrivals increasing by 37.3 percent, from 5.48 million in 2023 to 7.15 million in 2024.

She also pointed out the growth in household consumption, government spending, capital formation, and trade as contributing factors to the region's strong performance.

Bretaña further said that Central Visayas is well-positioned for continued growth in 2025, as long as inflation remains within the 2 to 4 percent range, investor confidence remains high, and external risks and tariffs are managed effectively.

The region's inflation rate of 3.2 percent in 2024 was in line with the Regional Development Plan (RDP) target of 2.5 to 4.5 percent.

Despite the administrative shift, Central Visayas surpassed its 2024 economic targets. The creation of NIR through Republic Act 12000 in June 2024 officially separated Negros Oriental, Negros Occidental, and Siquijor.

However, Central Visayas maintained its growth pace from 2023, when it posted a 7.4 percent GRDP increase.

Over 20 national and local government agencies contributed to the 2024 GRDP data, including the Bangko Sentral ng Pilipinas, Department of Trade and Industry, and Department of Tourism.

Caraga followed with a 6.9 percent growth rate, while Central Luzon placed third with 6.5 percent.

The Bangsamoro Autonomous Region in Muslim Mindanao posted the lowest growth at 2.7 percent.(MyTVCebu)