For the second consecutive year, Central Visayas achieved a 7.3 percent economic growth rate in 2024. Last year’s growth rate was driven by only two provinces, Cebu and Bohol following the transfer of Siquijor and Negros Oriental to the newly-created Negros Island Region (NIR). (PIA7)
CEBU CITY, Cebu (PIA) — Central Visayas sustained a 7.3 percent economic growth rate in 2024, making the region the fastest growing regional economy last year in the country.
This is the second year that Central Visayas recorded a high growth rate since 2023.
Philippine Statistics Authority Regional Statistical Services Office VII (PSA-RSSO-7) officer-in-charge Wilma A. Perante said that unlike the region’s economic performance data in 2023 which still included the provinces of Siquijor and Negros Oriental, this year’s growth rate is an achievement attained by Cebu and Bohol alone.
Perante said the weight of economic contribution of Negros Oriental and Siquijor in 2023 is only 13.8 percent, which has been compensated by the growth of other sectors in 2024.
“In 2023, yung structure natin in Central Visayas, including the two provinces, ang share ng Negros Oriental to the Central Visayas ay 12.9 percent while ang Siquijor ay only 0.9 percent. So a total of 13.8 percent lang,” Perante explained during the 2024 Report on the Economic Performance of Central Visayas news conference. (In 2023, the share of Negros Oriental to Central Visayas is 12.9 percent, while Siquijor is only 0.9 percent. So a total of only 13.8 percent)
Department of Economy, Planning, and Development (DEPDev) 7 regional director Jennifer C. Bretaña said that the remaining provinces of Central Visayas – coined as SugBohol – have seen an increase in the investments on several industries, particularly on electricity, steam, water, and waste management.
“Last year, nag-operational ang Bohol Renewable Solar Power Plant in Bohol, isa sa mga pinakamalaking nag-contribute in the increase in the industry sector,” Bretaña said. (Last year, the Bohol Renewable Solar Power Plant in Bohol became operational, one of the biggest contributors in the increase in the industry sector.)
This was followed by the manufacturing industry, particularly on the electronics, semiconductors, and shipbuilding, which helped the region cope with the gap left behind by the transfer of Negros Oriental and Siquijor provinces.
“This is a great accomplishment for us Central Visayas, natanggal yung dalawa, na-maintain natin,” Bretaña added. (This is a great accomplishment for us in Central Visayas, two of them were removed, we kept them.)
Bretaña explained that based on the Provincial Product Accounts (PPA) of Negros Oriental, ‘services’ also ranked as the highest industry share in the province, particularly accommodation and food, which is also similar for Siquijor.
This may explain the slow growth rate of the services sector in Cebu and Bohol, which is one percent lower than in 2023, despite being predominant among the three major sectors in the region, accounting for 70.1 percent of the regional economy.
Industry holds the second biggest share sector at 24.9 percent, while agriculture, forestry, and fishing (AFF) sector holds the third biggest share with 5.0 percent share.
GRDP and GRDE
Based on the Gross Regional Domestic Product (GRDP) in 2024, Central Visayas produced P1.28 trillion worth of goods and services.
This is P86.79 billion higher than the P1.19 trillion attained in 2023.
Meanwhile, the Gross Regional Domestic Expenditure (GRDE), which is the household final consumption, in 2024 is valued at P958.22 billion with per capita household consumption expenditure of P140,782 or 7.7 percent.
This is higher than the 6.2 percent posted in 2023.
According to Bretaña, the GRDE could mean a better purchasing power among the households.
GRDP measures the economic performance of a region from the total value of goods and services produced within a specific region.
The GRDE, on the other hand, is the total spending of the residents of the region including spending within and outside the region.
Motor repair, a main economic growth rate contributor
The main contributors to the 2024 growth in Central Visayas were wholesale and retail trade and repair of motor vehicles and motorcycles with 7.7 percent, manufacturing with 6.6 percent, and financial and insurance activities with 7.1 percent.
Karen Adanza, a sales and operations general manager of a Cebu-based motor company, shared that their motorcycle repair services have increased by 50 percent in 2024 compared to 2023.
Adanza said motorcycles have become a basic necessity especially in the region.
“To make my motorcycle last, dapat ako gyud siya’ng ipa-maintain. Mao na ang mga motorcycle industry right now is really pushing for aftercare (repair services) and for the customer’s convenience also,” Adanza said. (To make my motorcycle last, I should be the one to maintain it. The motorcycle industry right now is really pushing for after care (repair services) and for the customer’s convenience as well.) (JJT/PIA7)
