Central Visayas Phl’s fastest-growing economy

Central Visayas region with Cebu and Bohol is now the country’s fastest-growing economy.

This was bared by the Philippine Statistics Authority in Central Visayas (PSA-7) on Wednesday, 23 April.

PSA-7 Chief Statistical Specialist Leopoldo Alfanta Jr. said the region had a growth rate exceeding the national economic performance of 5.7 percent in 2024, compared to 2023’s 5.5 percent.

The gross regional domestic product (GRDP) rate in 2024 reached 7.3 percent.

Cebu Business leaders hailed the region’s strong growth, calling it an affirmation of its resilient economic structure primarily with tourism, business process management, industry and trade.

Services contributing the largest share at 70.1 percent followed by industry at 24.9 percent and agriculture, forestry and fishing (AFF) at five percent. AFF grew by 5.4 percent in 2024, while industry and services expanded by 6.8 percent and 7.8 percent, respectively.

Other economic drivers that contributed include wholesale and retail trade, repair of motor vehicles and motorcycles (7.7 percent growth), manufacturing (6.6 percent), and financial and insurance activities (7.1 percent growth).

Meanwhile, the National Economic and Development Authority in Eastern Visayas foresees a possible slowdown of economic growth this year amid the indefinite stoppage in operation of the country’s only copper smelter and refinery based in Leyte.

The Philippine Associated Smelting and Refining Corporation (PASAR), the region’s biggest contributor to the economy from the manufacturing subsector, announced last 24 February that it is putting the plant in Isabel town into care and maintenance.

PASAR said the decision came as part of an “ongoing evaluation of the operation and increasingly challenging market conditions.”

NEDA regional director Meylene Rosales said that while Eastern Visayas has consistently recorded an annual economic growth exceeding six percent in the last four years, sustaining it will be a key challenge this year due to the status of PASAR.

The Philippine Statistics Authority in the region announced on Tuesday a 6.2 percent growth of the gross regional domestic product in 2024.

Rosales said the manufacturing, which is the largest sub-industry in the region contributing 15.5 percent of total output, made a modest growth of 0.9 percent, down from 1.3 percent in 2023.

“This underperformance was driven by volatility in the copper processing industry, caused by weaker exports and maintenance disruptions at the PASAR during the second and third quarters of 2024,” she said.