TACLOBAN CITY – Eastern Visayas recorded a 6.2 percent economic growth in 2024, making it the fifth fastest-growing regional economy in the Philippines, according to the Philippine Statistics Authority (PSA).
The announcement was made during the 2024 Economic Performance of Eastern Visayas News Conference held on Tuesday, April 22 at the Summit Hotel, this city.
Mae Almonte, chief statistical specialist of PSA-8, and Meylene Rosales, the regional director of the National Economic and Development Authority (NEDA), jointly presented the region’s key economic indicators during the event.
Almonte reported that the region’s gross domestic product (GDP) rose to P555.62 billion in 2024 from P523.22 billion the previous year.
This growth was driven by the strong performance of the services, industry, and agriculture, forestry, and fishing (AFF) sectors.
The services sector led the economic charge, contributing 48.1 percent of the regional economy. It was followed by the industry sector at 40.2 percent, boosted by construction and electricity-related activities. The AFF sector accounted for 11.7 percent of the region’s GDP.
Rosales highlighted that Eastern Visayas’ growth rate outpaced the national GDP growth of 5.7 percent, raising the region’s ranking from sixth to fifth among the country’s fastest-growing economies.
“This steady progress reflects the region’s resilience and vitality—solidifying its status as a beacon of growth and opportunity,” she said.
More importantly, she emphasized the real-world impact of this growth on the people of the region. “So what if our economy has been growing? Let me repeat—our fight against poverty is now gaining ground,” the NEDA regional director stressed.
According to Rosales, the region’s poverty incidence dropped to 27.3 percent in 2023, with approximately 46,000 individuals lifted out of poverty.
“Let us help each other for the continued development of Eastern Visayas,” she said.
(HNZ MORPHEUS OLAYA, LNU STUDENT INTERN)
