BAGUIO CITY (PIA) — The Cordillera Administrative Region posted a Gross Regional Domestic Product (GRDP) of P378.26 billion in 2024, showing a growth rate of 4.8 percent compared to the P360.90 billion in 2023.
Of the estimated P378.26 billion GRDP, 69.4 percent or around P262.49 billion is under the Services Sector, 23.2 percent or P87.68 billion from the Industry Sector, and 7.4 percent or 28.09 billion from the Agriculture, Forestry and Fishing sector.
Though the 4.8 percent economic growth slowed down compared to the 6.9 percent growth in 2023 and lower than the average national growth of 5.7 percent, per Capita GRDP, CAR posted the second highest in 2024 at P201,088 and higher than the national per capita GDP of P197,054.
In terms of Gross Regional Domestic Expenditure, the spending of the region increased by 4.8 percent from P360.90 billion in 2023 to P378.26 billion in 2024.
On the other hand, the per capita Household Final Consumption Expenditure (HFCE) of CAR was estimated at P144,230 in 2024. This means that, on the average, an individual member of a household spent P144,230 on final consumption of goods and services that include purchase of consumer goods and services, barter transactions, good and services in kind, and goods and services produced and consumed by the same individual. This ranked fourth behind NCR, Central Luzon, and CALABARZON.
The region’s 2024 HFCE was greater than the national level of P142,837.
Philippine Statistics Authority-CAR Regional Director Villafe Alibuyog reported the 2024 Economic Performance in the Kapihan sa Baguio forum on April 22.
National Economic and Development Authority-CAR OIC Assistant Regional Director Jose Dado Jr. outlined that the region’s economic growth story has always been about moments of triumph often interspersed with challenges and setbacks.
“In 2024, we achieved a growth rate of 4.8%, which is noteworthy but falls below our target of 5.5 to 7.0%. This rate is also slower compared to the impressive 7.7% average growth we saw from 2021 to 2023,” Dado said.
“In 2024, our economy withstood the challenges of extreme weather events, geopolitical
tensions, and global demand uncertainties—conditions that may now be the new normal. Thus, rather than solely striving for higher growth rates, our priority is on fostering resilience,” he added.
Looking forward this 2025, Dado enumerated several strategies for the region to regain growth momentum and strengthen resilience. (JDP/CCD-PIA CAR)
