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Manila Bulletin devider Opinion devider Bohol economy grew 6.6% in 2024

Bohol economy grew 6.6% in 2024

Published Jan 8, 2025 11:21 pm

Bohol's economy surged by 6.6 percent in 2024, exceeding the national average of 5.5 percent, fueled by a global "revenge travel" phenomenon that revitalized the tourism industry.

According to the Philippine Statistics Authority (PSA), Bohol's gross domestic product (GDP) reached P182.4 billion (at constant 2018 prices), with the service sector, primarily tourism-related, contributing a significant 74 percent.

This growth has been inclusive, with poverty incidence falling to a record low of 14.8 percent in 2023 from 19.1 percent in 2021. Tourist arrivals are rebounding to pre-pandemic levels, with 1.4 million visitors expected in 2024. Skyscanner has ranked Panglao Island as the 8th trending destination worldwide, and Bohol holds the distinction of being the first and only United Nations Educational, Scientific and Cultural Organization (Unesco) Global Geopark and Regenerative Province in the Philippines.

Infra developments drive economic resurgence

Major infrastructure projects are underway to support Bohol's economic growth, with substantial investments in airport development, water, and power. Aboitiz InfraCapital will assume management of the Panglao Bohol International Airport in June of this year under a 30-year public-private partnership (PPP).

The Aboitiz Group plans to upgrade airport facilities and attract more international flights. Currently, the airport handles 12 daily flights from Manila and three direct flights from Korea. The government has also committed to a multi-billion peso investment in the airport until 2027.

Local visitors access Bohol through the modern Tagbilaran seaport and four other busy seaports in Ubay, Jagna, Tubigon, and Talibon. Grab Transport launched operations in Bohol last year, further enhancing transportation options. Shoemart, or SM, is constructing a new facility in Tagbilaran City, set to open in 2027, while Puregold has already established a presence in Ubay, a town poised to become the province's next city.

Addressing water, power needs

To address the increasing demand for water from residents and tourists, a P5-billion World Bank Water Grant will soon be implemented. This "soft loan" with 20 percent equity from the Bohol provincial government will support crucial water infrastructure. Currently, Richli Corporation, a private company led by Boholano industrialist Richard Lim, is investing in large-scale water treatment and distribution facilities in Cortes and Loboc towns.

Bohol's power supply has been strengthened by its recent connection to the Cebu National Grid Corporation Philippines (NGCP) grid. The Razon Group is investing P1 billion to modernize power facilities by acquiring 70 percent of Bohol Light Company Inc. (BLCI).

Additionally, the Yuchengco Group, through Dagohoy Energy Corporation, established a P1.2-billion solar power plant in Dagohoy town last year.

A promising future

Despite challenges such as the resurgence of the drug trade, Bohol has been declared "insurgency-free." By stabilizing transportation, power, and water infrastructure, Bohol is poised for continued economic growth in the years to come.

(Bingo Dejaresco, a former banker, is a financial consultant and media practitioner. He is a Life and Media member of Finex. His views here, however, are personal and do not necessarily reflect those of Finex. [email protected])

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