Central Visayas Fastest-Growing Economy Shows Strong Gains
CEBU CITY – Central Visayas fastest-growing economy in 2024, local leaders said, as the region posted remarkable economic progress this year. The announcement came during the 2nd Quarter Full Council Meeting of the Regional Development Council-Central Visayas held at the New Bohol Provincial Capitol on June 11.
RDC-7 Chairperson Bohol Gov. Aris Aumentado delivered a powerful State-of-the-Region Address highlighting the region’s Gross Regional Domestic Product (GRDP), which surged to P1.276 trillion with a robust growth rate of 7.3 percent. This achievement placed Central Visayas at the forefront of national economic growth.
The region also recorded a per capita GDP of P187,520 while maintaining inflation at a manageable 3.2 percent, comfortably within the government’s target range of 2.5 to 4.5 percent. “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 emphasized.
Tourism Drives the Economic Boom
Tourism played a vital role in this economic upswing. Accommodation and food services grew by an impressive 14.6 percent, complemented by strong gains in transport, health, and social work services. Investment approvals reached P27.96 billion across 22 projects, generating over 3,400 new jobs, with local investors contributing P17 billion.
Employment rates soared to 97.1 percent, and poverty incidence dropped significantly from 22 percent in 2021 to 12.3 percent in 2023. These numbers reflect the region’s commitment to inclusive growth and social upliftment.
Infrastructure and Development Progress
Under the Development Administration agenda, the RDC supported Local Government Units (LGUs) in updating crucial planning documents. A total of 100 LGUs updated their Comprehensive Development Plans, and 73 submitted Local Climate Change Action Plans.
Infrastructure projects also gained momentum. The New Dumaguete Airport and the Bohol-Panglao International Airport upgrade advanced steadily. Additionally, the Panglao-Tagbilaran Bridge Connector project progressed well, alongside the groundbreaking of the New Cebu International Container Port.
Despite the creation of the Negros Island Region in 2024, Central Visayas remains strong as “SugBohol,” anchored by Cebu and Bohol. Aumentado called for unity among leaders and sectors in Cebu and Bohol, saying, “Let us stay united.”
He also extended warm recognition to Negros Oriental and Siquijor, assuring them of ongoing partnerships despite administrative shifts affecting the RDC’s composition. “You will always have a special place in the heart of Central Visayas,” the governor added.
Looking ahead, “SugBohol” aims to serve as a national model for resilience, innovation, and inclusive regional growth, reinforcing its role as the Central Visayas fastest-growing economy.
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