Bohol: jumps to 6th from 39th

PH best performing economy

TAGBILARAN CITY, Bohol, (PIA)—Of the 82 provinces and 32 highly urbanized cities tracked for their economic performance in 2024, Bohol, with an economic growth of 8.8 percent from 6.5 percent in 2023, ranks 6th and the fastest growing economy in Central Visayas, according to the data gathered by the Philippine Statistics Authority (PSA).

Measured in its Gross Domestic Product (GDP), the 8.8 percent growth rate means the province now has 198.29 billion in total products, compared to the 171.08 billion in 2022 and the 182.22 billion in 2023.

PSA Chief Supervising Statistician Jessamyne Anne Alcazaren, bared this during the Provincial Products Account Data Dissemination in time for the Statistics Month, October 7, 2025, at the JJs Seafoods Restaurant.

The puts Bohol economy expanding faster than the regional average of 7.3 percent, ahead of Cebu which had a 7.3 percent GDP growth rate, Alcazaren pointed out.

Bohol economy however is contributing only 15.5 percent of the regional economy’s P 1.28 trillion GDP. Cebu City and Cebu Province’s combined shares make up 60.8 percent, while City of Lapulapu and City of Mandaue’s combined shares make up the 23.7percent.

Elgie Gulane-Rosenblad, during the Provincial Products Account Data Dissemination, said comparing the ranking of the performance of Bohol in 2023 when it ranked 39th, now, Bohol is at sixth rank.

In fact, should the economies in the region remain while Bohol keeps the same economic growth trajectory, Bohol could overtake Cebu’s economy after 7 years, Rosenblad said.

Cited double digit growth performances in services at 73.4 percent, industry at 14.7 percent and agriculture, forestry and fishing at 11.9 percent, helped propel the local economy up.

By major industries, agriculture, forestry and fishing registered the biggest value added to the the GDP with the 10.7 percent growth from P21.35 billion in 2023 to P23.63 billion; industry at 8.8 percent from P26.81 billion in 2023 to P29.17 billion and service’s 8.8 percent from P134.07 billion to P149.49 billion, Alcazaren pointed out.

Major contributors to the GDP growth is led by wholesale and retail trade, repair of motor vehicles and motorcycles at 3.0 percent, agriculture, forestry and fisheries at 1.3 percent and financial and insurance activities at 0.8 percent.

As to industries, accommodation and food services activities still topped the growth rates at 16.0 percent, followed by administration and defense, compulsory social security at 15.7 percent and human health and social work activities at 13.9 percent, PSA shared.

This is, despite a notable sluggish tourism performance in the last quarter of the year, as reported by regional and national stakeholders.

Philippine Hotel Owners Association Executive Director and President Benito Bengzon, in an interview said the slowdown in tourism is a national phenomenon, and is not just true to Bohol.

He said good things are in to Bohol with Panglao Island a top accommodation investment destination ranking second in the country with 4,401 keys planned across 16 projects. These are for completion by 2025.

Bengzon also reported that the Asian tourists slowdown which Leechiu properties consultants has reported at -7.4 percent, has triggered the acceleration of long-haul arrivals, which the PHOA recorded at 11.5 percent increase for the Philippines. (PIABohol)

FASTEST GROWING ECONOMY. PSA through Elvie Rosenblad pointed out that should economies in the region remain at their current economic growth and Bohol continues its growth trajectory, it would only take 7 years for Bohol to overtake Cebu, italicizing the unique position that Bohol has put itself into. With Rosenblad are Bhol PSA CSS Jessamyne Anne Alcazaren and statistical analyst Allen Rose Carajay. (PIAbohol)