BUTUAN CITY (PIA) – Caraga region emerged as the second fastest-growing economy among the 18 regions of the Philippines in 2024, following Region VII (Central Visayas), with 6.9 percent growth rate, according to the Philippine Statistics Authority (PSA) Caraga.
The economic performance report was presented by OIC-Regional Director Guillermo M. Lipio Jr., during a simultaneous regional news conference recently held in the city.
This marked a notable jump from the region’s 4.8 percent growth in 2023, bringing Caraga’s total economic value to P362.77 billion. The continued upward trend reflected the region’s commitment to fostering a more inclusive and resilient economy.
Caraga’s 2024 economic growth was driven by the following high-performing industries: professional and business services with 14.5 percent; accommodation and food service activities at 13.6 percent; and construction with 11.9 percent.
In terms of economic composition, the services sector remained the dominant contributor at 56.2 percent, followed by industry at 33.2 percent, and agriculture, forestry, and fishing at 10.6 percent.
The region also contributed 0.1 percentage point to the country’s 5.7 percent gross domestic product (GDP) growth and accounted for 1.6 percent of the national GDP.
On the expenditure side, the region posted the fastest growth in imports of goods and services with 40.6 percent; gross capital formation with 11.7 percent; government final consumption expenditure at 7.0 percent); and household final consumption expenditure with 4.6 percent.
Meanwhile, exports of goods and services experienced a slight decline of 1.0 percent.
The per capita household final consumption expenditure for the region stood at P92,829, lower than the national average of P142,837.
Attorney Michelle P. dela Calzada, OIC- assistant regional director of the Department of Economy, Planning and Development (DepDev) Caraga, formerly National Economic and Development Authority (NEDA), shared a forward-looking development outlook for the region during the same event.
She emphasized that 2025 is a pivotal year, not only in terms of economic direction but also in leadership transition.
“This year, the region welcomes the election of new local leaders who will shape the direction of Caraga’s development over the next three years,” said Attorney Dela Calzada.
A key highlight for long-term regional planning is the approval of the Caraga Disaster Risk Reduction and Climate Change Adaptation (DRR/CCA)-Enhanced Regional Physical Framework Plan (RPFP) 2025–2055 by the Caraga Regional Development Council (RDC) in the first quarter of 2025.
“The RPFP will serve as Caraga’s development blueprint for the next 30 years, aligning land use, physical infrastructure, and natural resource management with sustainable and climate-resilient economic growth,” she added.
With strong economic momentum, strategic long-term planning, and the emergence of new local leadership, Caraga is well-positioned to become a model for regional development in the years ahead. (NCLM, PIA Caraga)
