Central Visayas: Cebu, Bohol continue to grow region’s economy in 2024

Officials from PSA-7 and NEDA-7 presented the 2024 Economic Performance of Central Visayas in Cebu City on April 22, Tuesday. | photo by Niña Mae Oliverio

CEBU CITY, Philippines — With only Cebu and Bohol remaining as part of Central Visayas, the region’s economy continued to grow in 2024, data from the Philippine Statistics Authority (PSA-7) showed.

On Tuesday, PSA-7 revealed during the Economic Performance conference that Central Visayas (Region 7) surpassed its 2023 gross regional domestic product (GRDP) growth, despite the transfer of Negros Oriental and Siquijor to the Negros Island Region (NIR).

The regional economy in 2024 grew by 7.3 percent, mirroring its previous record, said Wilma Perante, PSA-7 OIC regional director. 

This would be equivalent to P1.28 trillion in 2024 or about P86.79 billion higher than the P1.19 trillion in 2023, said Perante.

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Perante said that the GRDP would measure the economic performance of a region from the perspective of the producers of goods and services. 

It covers the value of goods and services produced in the region during the reference period. 

The Philippine economy grew by 5.7 percent in 2024.

While all the economies of the 18 regions in the country posted positive growth in 2024, Central Visayas remained the fastest-growing economy and the fourth-largest contributor to the growth of the country’s overall economy. 

Share of major industries, contributors

Based on the 2024 GRDP, Central Visayas was still predominantly services-based, like the other regions in the country, except for Region IV-A or CALABARZON, which was predominantly industrial, PSA-7 reported. 

Among the three major industries, Services accounted for a total of 70.1 percent share, followed by Industry with 24.9 percent share, and Agriculture, forestry, and fishing (AFF) with 5.0 percent share of the total regional economy.

Furthermore, the main contributors to the economic growth were: Wholesale and retail trade; repair of motor vehicles and motorcycles, which posted 7.7 percent growth; Manufacturing with 6.6 percent growth; and Financial and insurance activities with 7.1 percent growth. 

READ: Central Visayas again tops NCR as fastest-growing region

Higher than the national growth rate

Jennifer Bretaña, regional director of the National Economic and Development Authority (NEDA-7), said that Central Visayas’ growth rate was higher than the national growth rate, welcoming the development. 

In terms of sub-industries, Accommodation and food service activities recorded the fastest growth at 14.6 percent, followed by Human health and social work with 11.9 percent, and Transportation and storage with 11.3 percent growth. 

Bretaña said that the growth rate of these sub-industries would indicate the continued growth of the Tourism industry in Central Visayas. 

“These are also consistent with the higher tourist arrivals and tourist receipts in 2024 than the previous year, 2023, from 5.48 million to 7.15 million, or a 37.3 increase,” Bretaña added.

Poised for economic growth in SugBohol

Bretaña said that SugBohol (an abbreviated term for Sugbo or Cebu and Bohol) exceeded their Regional Development Plan (RDP) target for 2024 despite the exclusion of data from Negros Oriental and Siquijor. 

She added that the 2024 average rate in Central Visayas was at 3.2 percent, which fell within the target range of 2.5 to 4.5 percent in the RDP. 

“Indeed, Central Visayas is well-positioned for further economic growth in 2025, provided that inflation remains manageable, ma retain pa rin natin within the 2 to 4 percent range, investor confidence stays strong, and external risks, tariffs, are effectively managed,” Bretaña said. 

READ: Visayas poised for continued economic growth in 2025, OPAV says

She added that political stability, infrastructure development, and workforce upskilling, especially with the emergence of artificial intelligence (AI), would be crucial in achieving next year’s economic growth.

The upcoming midterm elections would also be expected to “stimulate the economy” through election-related spending like campaigning, Bretaña added.

Lastly, she said that the RDP for 2023-2028 would be anchored on the eight-point socioeconomic agenda of the current administration, which were: food security, improved transportation, affordable and clean energy, health care, education, social services, sound fiscal management, and bureaucratic efficiency.

Over 20 data sources from various national and local government agencies contributed to the estimation of the 2024 GRDP, including the Bangko Sentral ng Pilipinas, Civil Aviation Authority of the Philippines, Commission on Audit, Department of Budget and Management, Department of Energy, Department of Trade and Industry, Department of Tourism, and Department of Environment and Natural Resources, to name some.