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Manila Bulletin devider Philippines devider Visayas devider Central Visayas fastest growing economy in PH in 2024

Central Visayas fastest growing economy in PH in 2024

Published Jun 12, 2025 01:43 pm
CEBU CITY – Central Visayas emerged as the country’s fastest-growing economy in 2024.
The recognition was announced during the 2nd Quarter Full Council Meeting of the Regional Development Council-Central Visayas (RDC-7) at the New Bohol Provincial Capitol on Wednesday, June 11.
Delivering his State-of-the-Region Address, RDC-7 Chairperson Bohol Gov. Aris Aumentado highlighted the region's Gross Regional Domestic Product (GRDP) which surged to P1.276 trillion in 2024 and posted a robust growth rate of 7.3 percent.
BOHOL Gov. Aris Aumentado delivers his State-of-the-Region Address during the Regional Development Council-Central Visayas (RDC-7) full council meeting at the New Bohol Provincial Capitol in Tagbilaran City on Wednesday, June 11. (Contributed photo)
BOHOL Gov. Aris Aumentado delivers his State-of-the-Region Address during the Regional Development Council-Central Visayas (RDC-7) full council meeting at the New Bohol Provincial Capitol in Tagbilaran City on Wednesday, June 11. (Contributed photo)
The region also recorded a per capita GDP of P187,520 and maintained inflation at a manageable 3.2 percent, well within the 2.5 to 4.5 percent target range.
"We focused our collective efforts on the fundamentals: strengthening the region’s economic performance, managing inflation, creating more and better jobs, and reducing poverty across provinces and sectors," Aumentado said.
Tourism significantly contributed to this growth, with accommodation and food services increasing by 14.6 percent, along with strong performances in transport, health, and social work services.
Investment approvals reached P27.96 billion across 22 projects, generating over 3,400 new jobs, with P17 billion coming from local investors.
Furthermore, the region achieved a 97.1 percent employment rate and poverty incidence among families dropped dramatically from 22 percent in 2021 to 12.3 percent in 2023.
Under its Development Administration agenda, the RDC supported Local Government Units (LGUs) in updating critical planning documents, with 100 LGUs updating their Comprehensive Development Plans and 73 LGUs submitting Local Climate Change Action Plans.
Infrastructure gains included progress on the New Dumaguete Airport, Bohol-Panglao International Airport upgrade, and the Panglao-Tagbilaran Bridge Connector project, along with the groundbreaking of the New Cebu International Container Port.
Aumentado pointed out that despite the creation of the Negros Island Region in 2024, Central Visayas remains strong as “SugBohol,” now anchored by Cebu and Bohol.
"Let us stay united," Aumentado said as he called for continued solidarity and mutual support among leaders and sectors in Cebu and Bohol.
He also extended recognition to Negros Oriental and Siquijor, assuring them of future partnerships with Region 7 as neighbors, despite administrative transitions affecting the RDC’s composition.
"You will always have a special place in the heart of Central Visayas,” the governor added.
Aumentado also declared that "SugBohol" will maintain its aim to be a national model for resilience, innovation, and inclusive regional growth.

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