THE services sector remained the powerhouse of Cebu Province and its highly urbanized cities (HUCs) in 2024, fueling post-pandemic recovery and driving growth across the Central Visayas economy, according to the Philippine Statistics Authority (PSA) 7.
In its 2024 Provincial Product Accounts (PPA) report, PSA 7 said the services sector accounted for the largest share of economic activity across all local economies — 62.3 percent in Cebu Province, 89.8 percent in Cebu City, 67.9 percent in Mandaue City and 50.2 percent in Lapu-Lapu City. The sector’s strength was attributed to the rebound of tourism, healthcare and business services, which continued to anchor growth across the region.
Leopoldo Alfanta Jr., PSA 7 chief statistical specialist, said Cebu Province’s economy expanded by 7.3 percent in 2024, matching the overall growth rate of Central Visayas. Its gross domestic product (GDP) rose from P411.12 billion in 2023 to P441.14 billion last year. Among the province’s top-performing industries were accommodation and food services, which surged 16.6 percent; transportation and storage, which grew 13.3 percent; and human health and social work activities, up 12.8 percent.
Cebu City’s economy also expanded by seven percent, slower than the 8.3 percent growth in 2023, with total output reaching P334.48 billion. The city’s growth was driven by wholesale and retail trade, financial and insurance activities, and professional and business services.
In Mandaue City, growth reached 6.9 percent, supported by manufacturing, wholesale and retail trade and finance. Its GDP climbed to P126.08 billion, up from P117.97 billion in 2023. Lapu-Lapu City posted 6.5 percent growth, down from 9.4 percent the previous year, as tourism and logistics helped offset a contraction in agriculture. Its GDP increased to P176.36 billion, with services overtaking manufacturing as the city’s dominant industry for the first time.
Bohol logs fastest growth in CV
At the regional level, all economies in Central Visayas expanded in 2024, led by Bohol, which posted the fastest growth at 8.8 percent, outpacing Cebu and the highly urbanized cities.
Economists said Bohol’s robust performance was driven by the resurgence of tourism and related services, while Cebu’s expansion was sustained by strong trade, construction and business activity.
The services sector remained the largest growth driver for Bohol, accounting for 73.4 percent of its GDP.
Agriculture, forestry and fishing played a minimal role in regional output, contributing less than one percent in Cebu, Lapu-Lapu and Mandaue. Cebu City, however, posted a surprise 15.8 percent growth in agriculture, though its overall share remained small. / EHP / KOC