With tourism in a slump….

DEPDev hints Bohol’s need

for economic diversification

TAGBILARAN CITY, Bohol (PIA)—Already feeling the impact of the global tourism slowdown, Bohol has to rethink its options and go for economic diversification, says Department of Economy, Planning and Development (DEPDev) senior economic development specialist, who also happens to be a Boholano.

Raffy Dave E. Boyles, who noted the slackened economic performance of the province, cited retail and wholesale which forms three-fourths of the economy now, has performed when accommodations and tourism services sagged.

Boyles, who works at the DEPDev regional office hinted that a broad based economy opens up a more dynamic economy over one which heavily relies on a single industry.

Congratulating Bohol for registering accelerated gross domestic product, despite a slowdown in tourism which has singularly heaved Bohol’s economy when things went sluggish in 2024, Boyles took note that in the present conditions, Bohol still continued to get the interest it needs.

It may be recalled that in 2024, Bohol’s economic performance was top-billed by accommodations and food services activities at 19.6% growth rate followed by agriculture, forestry and fisheries at 19.2% and public administration and compulsory social security at 20.2%.

In 2025 however, considering an entirely different economic environment deflated by price movements caused by restricted fuel and oil access due to the continuing global crisis, top performing economies have since shifted to human health and social work activities with 13.5% growth rates, education at 11.7% growth, construction at 9.5% growth rate and financial and insurance activities at 8.9% growths.

Boyles cited accommodations and food service activities that led last year, which is largely an industry propelled by tourism activities.

As tourism further dwindled in 2025, DEPDev however projects an increase in 2027, especially at the beginning of the year when winter months in foreign crisis drives them to the tropics.

Beyond tourism, Boyles and the DEPDev sees a light at the end of the tunnel in Information Technology and Business Process Management direction that Bohol is now steering into.

After President Ferdinand Marcos Jr. signed Proclamation 821 which declared the two IT BPM hubs in Tagbilaran and the development of the Bohol Business Park in the old airport, Boyles said he expects this to push Bohol’s productivity and further push the provincial economy.

Stressing the importance now of economic diversification, he highlighted how IT BPM is more insulated against global challenges, recalling how the industry saved the economies during the pandemic.

This however entails Bohol sustaining the required reliable talent pool and regularly implementing continuous upskilling and tooling of local manpower with artificial intelligence skillsets to run the industry.

The IT BPM Industry of the Philippines has declared Bohol rapidly transitioning from an emerging site into a scalable, talent-ready IT-BPM hub in the Philippines.

With industry major locators eyeing to employ 5,000 full-time professionals, with medium-term projections targeting up to 10,000 jobs, key companies including TaskUs, Ibex, Sagility, GenPact, and newer entrants like Clear Insights Philippines, have already intimated the bright future for a resilient third economic driver alongside tourism and agriculture. (PIAbohol)