GENERAL SANTOS CITY (PIA) — SOCCSKSARGEN has been tagged as the 10th fastest-growing regional economy in the Philippines, with a 5.5 percent growth rate in 2024, according to lawyer Maqtahar L. Manulon, regional director of the Philippine Statistics Authority (PSA).
“We are pleased to report that the economy of SOCCSKSARGEN grew by 5.5 percent in 2024—a significant improvement from the 3.5 percent growth we recorded the previous year,” Manulon said during a recent news conference in General Santos City.
Manulon also announced a significant increase in the region’s gross regional domestic product (GRDP) from P521.36 billion in 2023 to P550.08 billion in 2024, based on constant 2018 prices.
Among the country’s 18 regions, he said Soccsksargen ranked 10th in GRDP growth and maintained its status as a service-based economy.
“Central Visayas posted the fastest growth at 7.3 percent. This was followed by CARAGA and Central Luzon with growth of 6.9 percent and 6.5 percent, respectively. Seven regions recorded GDP growth faster than the national average. Soccsksargen region’s 5.5 percent growth is the 10th fastest among the 18 regions,” Manulon said.
Although still below the national average, PSA noted a remarkable progress in economic recovery and the region’s spending capacity.
“These figures reflect our region’s continuing path toward recovery and resilience, even if we still have room to grow,” Manulon pointed out.
Manulon stated that the ‘services’ sector continued to be the largest contributor to the regional economy, accounting for 51.6 percent of the GRDP, followed by the industry sector at 24.7 percent, and agriculture, forestry, and fishing at 23.8 percent.
He also said that among the top-performing industries were electricity, steam, water, and waste management; wholesale and retail trade; and financial and insurance activities, each contributing 0.8, 0.8, and 0.6 percentage points to the overall growth.
All 16 industries posted positive growth, including a remarkable 277.2 percent increase in mining and quarrying, along with strong gains in human health, social work, and food services, Manulon added.
In terms of demand, the report says that household final consumption expenditure (HFCE) drove the growth with a 3.7 percentage point contribution.
Exports of goods to the rest of the world also posted the fastest growth at 26.5 percent, followed by imports of services (22.3 percent) and investments in durable equipment (14.6 percent).
The figures indicate increased purchasing power and capital spending—which signals consumer confidence and investment momentum across the region, the official further explained.
Soccsksargen’s per capita GDP also increased by 4.4 percent, reaching P120,878, while per capita household spending rose by 3.3 percent, or P100,594.
Per capita GDP represents the total value of the region’s economy divided by its population, indicating the average economic output per person. This measure is used to gauge economic well-being and growth on an individual level.
Meanwhile, Regional Director Phlorita A. Ridao of the National Economic and Development Authority (NEDA), now known as the Department of Economy, Planning and Development (DEPDev), highlighted key strategies such as data-driven decision-making, prioritizing sustainable growth, and enhancing support for agriculture and fisheries through the use of modern technologies, land-use protection, and farmer clustering aimed at sustaining the region’s economic momentum.
Ridao also emphasized that strengthening the micro, small, and medium enterprises (MSME), infrastructure development, workforce readiness, and tourism will further boost the region’s services and industrial sectors.
“The potential growth will be complemented by expanded support for MSME’s capacity building initiatives and broader market access for key industries such as coffee, tuna, coconut, pineapple and creative works. Infrastructure development, particularly through the ‘Build Better More’ program, will improve connectivity and logistics, further boosting industrial productivity and investment,” she explained.
She then urged greater collaboration between industry players and government agencies, the use of climate-resilient infrastructure, and the strengthening of public service systems, including education, health, and peace and order programs of the Joint Regional Task Force to End Local Communist Armed Conflict (JRTF-ELCAC) to further boost the region’s GRDP.
“Civil society and security forces will ensure a stable environment for economic growth and social development. Enhancing inclusive governance and addressing root causes of conflict like poverty and marginalization will further solidify regional peace and security,” Ridao pointed out.
The agency also outlines strategies for Soccsksargen to achieve growth targets and build a prosperous, inclusive, and resilient regional economy by 2025 and beyond.
“These reforms will be included in the Regional Development Plan 2023–2028 midterm update led by RDC 12, given these positive trends and promising prospects,” Ridao told participants.
She also assured the government’s commitment to accelerating and modernizing the region’s agriculture sector, revitalizing its industries, and reinvigorating the services sector.
“Strengthened collaboration among regional stakeholders will be crucial in achieving our shared vision: a secure, comfortable, and peaceful life for all, contributing to the building of a Bagong Pilipinas. This collaborative approach will be at the center of our regional development efforts to rise, revitalize, and innovate for a safe and strong Region 12 by 2028, in line with our goal of social and economic transformation,” Ridao said. (HJPF, PIA SarGen)
