CV posts fastest economic growth

Despite the split of Siquijor and Negros Oriental that left only Cebu and Bohol under its jurisdiction, Central Visayas recorded the fastest economic growth among all regions in the country in 2024, according to the Philippine Statistics Authority Region 7 (PSA-7).

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In a press conference held yesterday, PSA-7 reported that the region's economy grew by 7.3%, maintaining its status as the fourth largest regional economy in the Philippines.

According to PSA-7 regional director Wilma Perante, the regional economy expanded to P1.28 trillion in 2024 from P1.19 trillion in 2023 which reflected its robust and consistent performance over the last two years.

The region anchored its growth on strong industry and service sectors. Among the 16 major industries, the accommodation and food service sector led the charge with a 14.5% increase.

Human health and social work activities followed closely, registering 11.9% growth, while the transportation and storage industry posted an 11.3% increase.

Wholesale and retail trade, including the repair of motor vehicles and motorcycles, grew by 7.7% --one of the biggest contributors to the region's economic surge.

Manufacturing activity remained strong with a 6.6% growth rate, while the financial and insurance sectors were not far behind, recording a 7.1% uptick.