Cebu's economic boom continues in 2023, says PSA-7
Economic Performance of Provinces in Central Visayas in terms of Growth Rate (in Percent) and Level (PhP), 2022 to 2023 at Constant 2018 Prices
Courtesy of the PSA Government PH website
Cebu has sustained its economic growth in Central Visayas, as reflected in the 2023 Provincial Product Accounts (PPA) released by the Philippine Statistics Authority (PSA) Regional and Provincial offices.
Engr. Leopoldo P. Alfanta Jr., PSA-7's Chief Statistical Specialist, and Cebu Province Officer Melchor Bautista revealed that Cebu Province and its three highly urbanized cities posted positive economic performances in the 2023 PPA.
Cebu Province recorded a 6.0% growth rate, while Cebu City grew by 8.3%, Lapu-Lapu City by 9.4%, and Mandaue City by 7.6%.
Key Economic Contributions
The three major sectors driving the region’s economy were:
Industry
Services
Agriculture, Forestry, and Fishing (AFF)
Bautista highlighted that Cebu Province continues to have the largest economy in Central Visayas, contributing 29.8% to the region’s total economy. Its value rose from ₱388.06 billion in 2022 to ₱411.32 billion in 2023.
Cebu City ranked as the second-largest economy with a 22.6% share, followed by Bohol at 13.2%, Negros Oriental at 12.9%, Lapu-Lapu City at 12.0%, Mandaue City at 8.5%, and Siquijor at 0.9%.
The services sector held the largest share of the regional economy at 62.0%, followed by industry at 29.1%, and AFF at 8.9%.
Share of Provinces and HUC to Central Visayas’ GDP at Constant 2018 Prices, 2023
Courtesy of the PSA Government PH website
City-Specific Growth
Cebu City: The Gross Domestic Product (GDP) reached ₱312.71 billion in 2023, up from ₱288.77 billion in 2022.
Lapu-Lapu City: GDP rose to ₱165.61 billion from ₱151.44 billion in 2022.
Mandaue City: GDP increased to ₱117.99 billion from ₱109.62 billion in 2022.
Sector Highlights
Services: Contributed significantly to Cebu City (89.7%) and Mandaue City (68.3%), while Lapu-Lapu City saw a 49.2% share.
Industry: Lapu-Lapu City led with a 50.5% share, followed by Mandaue City at 31.7%, and Cebu City at 9.8%.
AFF: This sector had the smallest share, with Cebu City at 0.5%, Lapu-Lapu City at 0.3%, and Mandaue City at 0.03%.
Key Drivers of Growth
Cebu City’s economic growth was largely driven by financial and insurance activities, wholesale and retail trade, motor vehicle and motorcycle repair, and accommodation and food services.
In Lapu-Lapu City, manufacturing led the way, along with transportation and storage, and accommodation and food services.
Mandaue City’s growth was anchored on wholesale and retail trade, manufacturing, and financial and insurance activities.
Economic Structure by City
Cebu City: Wholesale and retail trade contributed 26.1%, followed by financial and insurance activities at 20.5%, and real estate at 9.0%.
Lapu-Lapu City: Manufacturing accounted for 43.3%, transportation and storage for 10.6%, and wholesale and retail trade for 9.7%.
Mandaue City: Wholesale and retail trade dominated with 30.2%, manufacturing with 24.8%, and financial and insurance activities with 11.2%.
This robust economic performance underscores Cebu’s position as a key economic hub in the Philippines.