The economy of Central Visayas mirrored its 2023 performance with 7.3 percent growth in 2024, the fastest among all regions in the country during the period.  This was estimated at 1.28 trillion pesos from 1.19 trillion pesos in 2023 (Figure 1). The main contributors to the 2024 growth were: Wholesale and retail trade; repair of motor vehicles and motorcycles which posted 7.7 percent growth; Manufacturing with 6.6 percent growth; and Financial and insurance activities with 7.1 percent growth (Figure 2).

Among the 16 industries, Accommodation and food service activities posted the fastest growth with 14.6 percent. This was followed by Human health and social work activities with 11.9 percent growth and Transportation and storage with 11.3 percent growth (Figure 2). 

Among the three major sectors, Services accounted the largest share of the region’s total GRDP in 2024 with 70.1 percent share. This was followed by Industry with 24.9 percent share and Agriculture, forestry, and fishing (AFF) with 5.0 percent share. 

The growth of AFF was recorded at 5.4 percent in 2024. Meanwhile, Industry and Services grew by 6.8 percent and 7.6 percent, respectively.

Of the 5.7 percent growth in the country’s economic performance, Central Visayas contributed 0.4 percentage point and remained to be the fourth largest economy with 5.7 percent share to the total GDP in 2024.

The region’s per capita GRDP was estimated at PhP 187,520 in 2024, a 6.2 percent growth from PhP 176,496 posted in 2023. The per capita GRDP of Central Visayas was 4.8 percent lower than national per capita GDP of PhP 197,054 in 2024. (Figure 3).

Gross Capital Formation in Central Visayas registers the fastest growth among major expenditure items in 2024

In 2024, all major expenditure items posted increases. Gross capital formation had the fastest growth with 13.8 percent, followed by Exports of goods and services to the Rest of the World with 8.5 percent growth, and Household final consumption expenditure, which grew by 7.7 percent (Figure 4).

The per capita Household Final Consumption Expenditure (HFCE) was recorded at PhP 140,782 in 2024, higher by PhP 8,715 or 6.6 percent than the PhP 132,067 recorded per capita HFCE in 2023. The per capita HFCE in the region was 1.4 percent lower than the national level of PhP 142,837 in 2024. (Figure 5)

WILMA A. PERANTE

(Director II)

Officer-in-Charge