Bohol economy

grows by 6.6%

TAGBILARAN CITY, Bohol, Nov 29 (PIA)—Despite the economically debilitating El Nino phenomenon and other climatic challenges that wreaked havoc in Bohol in 2023, the bullish economy of the tourist island bounced back to a 6.6 percent growth, from a pandemic -6.3 percent economic growth in 2020, the Philippine Statistics Authority said.

During the 2023 Provincial Product Account Data Dissemination Forum organized by the PSA at the Dao Diamond Hotel in Dao, Tagbilaran City, Chief Statistical Analyst Jessamyne Anne Alcazaren noted that the 6.6 percent growth of the local economy may be a deceleration of the 7.0 percent economic growth recorded in 2022.

However, the 6.6 percent growth is higher than the 5.8 percent year-on-year growth of the national gross domestic product in 2023.

The 6.6 percent growth translates to P182.41 billion in gross domestic products, Alcazaren said.

With an economy becoming more and more into tourism, Bohol’s 2023 economic growth is also sustained by the growth of its industries which the PSA tagged at 9.7 percent followed by Agriculture, forestry and fishing at 7.1 percent and services which contributed some 6 percent to the over-all economic growth, according to the PSA.

While services proved a consistent growth from 116.34 billion in 2021, to 126.67 billion in 2022 and 134.21 billion in 2023 for the 6 percent growth rate, agriculture, forestry and fishing had still needed to come back.

Agriculture, forestry and fishing recorded 22.04 billion GDP in 2021, which declined to 19.96 billion in 2022 to 21.38 billion in 2023, which is still below the pre pandemic levels, pointed Provincial Planning and Development Officer Atty John Titus Vistal, during the forum.

Industries, although contributing only some 14.7 percent of the over-all GDP tallied 21.43 billion gross products in 2021, 24.46 billion in 2022 and 26.82 billion in 2023.

Even if Bohol contributes only 8.3 percent in the region’s P323.40 billion industry, its 9.7 percent growth is highest in Central Visayas.

While construction, wholesale and retail trade; repair of motor vehicles and motor cycles and transportation and storage are the top three contributors in terms of growth, the PSA noted other services at 31.1 percent, accommodation and food service activities at 27.9 percent and transportation and storage at 20.4 percent that tallied most growth rates in 2022 to 2023.

The development also pushed the per capita GDP for Bohol to an increase by 6.0 percent in 2023. This now amounts to P131,171 as against the P116,308 in 2021 and the P123,740 in 2022.

This per capita GDP however is still below the regional per capita GDP at P167,741.

This also makes Bohol the third largest contributor to the regional economy, which in 2023 is slated at P1.38 trillion.

Bohol’s 13.2 percent is only next to Cebu City’s 22.6 percent and Cebu Province’s 29.8 percent. (PIABohol)

EXPECT MORE IN THE NEXT YEARS. Both Planning and Development Officer Atty John Titus Vistal and Provincial Administrator Asteria Caberte believe that there is still so much to happen with Bohol tourism and its services sector even as the agriculture, forestry and fishing has not really bounced back from its pre-pandemic levels. The Provincial Government is now into looking at these sectors for increased production. (PIABohol)