CEBU CITY – The province of Bohol continues to build on its growing economic strength as it recorded an 8.8 percent increase in Gross Domestic Product (GDP) for 2024.

The significant increase placed Bohol sixth among 115 economies composed of 82 provinces and 33 highly urbanized cities across the country.

According to the Philippine Statistics Authority (PSA)-Bohol, the province’s economy grew from P171.08 billion in 2022 and P182.22 billion in 2023 to P198.29 billion in 2024.

This upward trend reflects the continuing confidence in the province’s development programs, local industries, and business environment.

The report was presented by Chief Statistical Specialist Jessamyn Anne Alcazaren during the Provincial Product Accounts (PPA) Dissemination Forum held on Tuesday, Oct.  7, 2025, at JJ’s Seafood Village in Tagbilaran City.

  The event formed part of the celebration of the 36th National Statistics Month, which highlights the importance of evidence-based decision-making in public governance.

Before becoming the sixth fastest-growing economy in the entire country in 2024, Bohol only placed 36th in the 2023 ranking and 66th in the 2022 ranking, according to PSA-Bohol.

In terms of major industries, all three sectors recorded positive performance. Agriculture, forestry, and fishing achieved the highest growth rate at 10.7 percent, followed by the industry sector at 8.8 percent and services at 8.5 percent. 

These consistent expansions across sectors demonstrate the province’s balanced and resilient economy.

The leading contributors to the 8.8 percent GDP growth were wholesale and retail trade and the repair of motor vehicles and motorcycles, which accounted for three percentage points.

Forestry and fishing followed with a 1.3 percentage point contribution, while financial and insurance activities added 0.8 percentage points.

Within Central Visayas, Bohol emerged as the fastest-growing economy in 2024, surpassing the regional growth average of 7.3 percent.

The province recorded a higher growth rate than other local economies in the region, including Cebu, Cebu City, Mandaue City, and Lapu-Lapu City. 

This distinction underscores Bohol’s position as a key driver of regional growth and development.

Alcazaren highlighted that the positive performance of Bohol’s economy mirrors the effectiveness of data-driven governance. 

“Together, we are building a foundation of quality and reliable statistics that strengthen local-level planning and policymaking. To the provincial government of Bohol and all local government units, we hope that the best plans for our beloved province are anchored on data. The GDP remains one of the most powerful indicators of Bohol’s economic health and progress.”

Supervising Statistical Specialist and officer-in-charge Elgie Gulane-Rosenblad shared that Bohol ranked fifth nationwide in agricultural performance for 2024.

During his message, Gov. Aris Aumentado welcomed the results of the economic report. 

“The data we have just heard confirms that we are on the right track with the policies and priorities we have outlined in our Strategic Governance Roadmap. The PPA is more than just statistics. It reflects the real Bohol. It is not only an indication of how our economic policies are performing but also a source of hope for all of us, solid proof that there is light even in the face of challenges,” he said.(