CENTRAL Visayas remains as the fastest-growing regional economy among 18 regions in the Philippines with a 7.3 percent gross regional domestic product (GRDP) growth rate in 2024, maintaining its position in 2023.
The region’s growth rate surpassed the national average of 5.7 percent.
Business leaders in Cebu lauded the region’s strong growth, calling it an affirmation of its resilient economic structure spurred primarily by tourism, business process management, industry and trade.
The regional economic output in 2024 reached P1.28 trillion, up from P1.19 trillion in 2023, according to the Philippine Statistics Authority (PSA) 7.
PSA 7 Chief Statistical Specialist Leopoldo Alpanta Jr. called Central Visayas the “largest economy in the Visayas and Mindanao.” This growth rate exceeds the national economic performance of 5.7 percent in 2024, compared to 5.5 percent in 2023, he said.
The agency excluded Negros Oriental and Siquijor in the 2024 figure, as these provinces are now part of the Negros Island Region (NIR) along with Negros Occidental. Central Visayas is now composed of Cebu and Bohol.
In 2023, Central Visayas posted 7.4 percent GRDP. The region that year was still composed of Cebu, Bohol, Negros Oriental and Siquijor.
PSA 7 Office-in-Charge Wilma Perante announced the growth figures during the 2024 Report on the Economic Performance of Central Visayas in a Cebu City hotel on Tuesday, April 22, 2025.
Contributors
Services contributed the largest share to the region’s total GRDP in 2024 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 7.6 percent, respectively.
The other drivers were wholesale and retail trade, and repair of motor vehicles and motorcycles (7.7 percent growth); manufacturing (6.6 percent growth); and financial and insurance activities (7.1 percent growth).
National Economic and Development Authority 7 Director Jennifer Bretana attributed the growth to increased expenditure rates in gross capital formation, exports and imports of goods and services, and household and government consumption.
Household consumption increased by 7.7 percent, with per capita Household Final Consumption Expenditure growing to P140,782 from P132,067 in 2023. Government spending improved by 5.8 percent. Gross capital formation showed a significant improvement with a 13.8 percent growth in 2024. Exports of goods and services grew by 8.5 percent, while imports increased by 5.7 percent.
“Bearing fruit”
Steven Yu, Mandaue Chamber of Commerce and Industry (MCCI) past president, said local government units’ investments in infrastructure, connectivity, energy, water, tourism, ease of doing business, healthcare and education “are bearing fruit and serves as a strong foundation for further economic growth, leapfrogging other regions.”
To sustain the momentum, Yu said, “we need to continue our thrusts towards tourism, skills upskilling in artificial intelligence and information technology, investments in renewable and traditional energy, water and infrastructure connectivity.”
Yu said the airport authorities’ efforts to bring in more flights and improve airport facilities significantly support the region’s tourism growth. He also said the Cebu Provincial Government’s initiative to spur countryside development in tourism and trade is a game changer for the region.
MCCI president Mark Ynoc said Central Visayas stood out not just in GRDP growth but also in inflation control, recording a manageable 2.4 percent rate in March—slightly lower than February’s 2.5 percent.
Separation
Despite the separation of Negros Oriental and Siquijor to form the NIR, Central Visayas maintained strong growth. Bretana explained that the growth was due to an increase in the industry sector, particularly in electricity, steam, and water, driven by increased investments in energy, including the operational Bohol Solar Power Plant.
The manufacturing sector experienced strong growth in exports, especially electronics, semiconductors, and shipbuilding. This surge in the industry sector compensated for the slowdown in services growth due to the NIR’s creation.
In June last year, President Marcos Jr. signed Republic Act 12000, establishing the NIR comprising Negros Occidental, Negros Oriental, and Siquijor. In 2024, the newly formed NIR ranked 7th in regional economic performance.
Other regions’ growth rate
Following Central Visayas is Caraga, with a 6.9 percent growth rate. Central Luzon ranked third at 6.5 percent; Davao Region, 6.3 percent; and Eastern Visayas at 6.2 percent.
Northern Mindanao placed sixth with 6.0 percent, while the NIR followed in seventh with 5.9 percent.
The National Capital Region ranked eighth with 5.59 percent, just ahead of Calabarzon at 5.56 percent.
Soccsksargen completed the top 10 with 5.5 percent. Cagayan Valley ranked 11th at 5.3 percent, followed by Bicol Region at 4.94 percent, Cordillera Administrative Region at 4.92 percent, Mimaropa at 4.8 percent, Western Visayas at 4.4 percent, and Zamboanga Peninsula at 4.3 percent.
At the bottom was the Bangsamoro Autonomous Region in Muslim Mindanao , ranking 17th with a growth rate of 2.7 percent.
Global developments
Bretana identified potential future threats to sustaining the 7.3 percent economic growth, including US tariffs on the country’s exports, the ongoing Ukraine war, and environmental factors such as typhoons.
Amid recent global developments such as the new US tariff regime, Yu said there is no expected negative impact on Central Visayas’ current and future growth trajectory.
However, he stressed the importance of agility, readiness to seize new opportunities and continuous upskilling of the workforce.
Ynoc, for his part, said: “With new tariff rules in the US and the diversion of discounted Chinese products to Asean markets like the Philippines, we expect continued stability in inflation.”
“However, this could put pressure on domestic manufacturers, requiring efficient supply chain management to keep local industries competitive while safeguarding consumer choice,” he added.
US President Donald Trump recently announced a 17 percent tariff on Philippine goods bound for the US. (CDF, KOC)