TUGUEGARAO CITY, Cagayan (PIA) – Cagayan Valley’s economy expanded by 5.3 percent in 2024, reflecting a strong recovery and sustained development momentum, according to the latest Economic Performance Report released by the Philippine Statistics Authority (PSA).
Engineer Girme Bayucan, officer-in-charge of PSA Region 2, reported that the region’s Gross Regional Domestic Product (GRDP) rose to P470.72 billion, marking a P23.83 billion increase from P446.89 billion in 2023.
“This growth demonstrates the region’s continued resilience and adaptability in the face of economic challenges,” Bayucan said during the regional economic performance news conference.
He noted that the services sector remained the driving force behind Cagayan Valley’s economy in 2024, accounting for 45 percent of total output. The industry sector followed with 29.7 percent, while agriculture, forestry, and fishing (AFF) contributed 25.3 percent.
Among the fastest-growing industries were construction, which expanded by 16.2 percent, professional and business services at 15.1 percent, and human health and social work activities at 12.3 percent.
Despite the overall positive performance, the mining and quarrying sectors declined by 6.9 percent and AFF declined by 0.8 percent, primarily due to climate-related disruptions.
“The agriculture sector was severely affected by the El Niño phenomenon in the second quarter and a series of destructive typhoons toward the end of 2024,” Bayucan explained.
Gina V. Dayag, Assistant Regional Director of the National Economic and Development Authority (NEDA) Region 2, emphasized that the positive economic performance reflects the effective implementation of the Regional Development Plan (RDP) 2023–2028.
“This validates the strategies we have laid out to build a more resilient and inclusive economy. Even with the decline in agricultural output, Cagayan Valley remained a top national producer of rice and corn—a testament to the sector’s strength and potential,” she said.
Dayag stressed the importance of further enhancing development strategies to sustain growth and prepare for future challenges.
“With this momentum, the region must continue prioritizing investments in infrastructure, innovation, and climate-resilient agriculture to secure long-term economic stability,” she concluded. (OTB/PIA Region 2)
