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REGION:               
Philippines               
NCR - National Capital Region               
CAR - Cordillera Administrative Region               
Region I - Ilocos Region               
Region II - Cagayan Valley               
Region III - Central Luzon               
Region IV-A - CALABARZON               
MIMAROPA REGION               
Region V - Bicol Region               
Region VI - Western Visayas               
NIR - Negros Island Region            
Region VII - Central Visayas               
Region VIII - Eastern Visayas               
Region IX - Zamboanga Peninsula               
Region X - Northern Mindanao               
Region XI - Davao Region               
Region XII - SOCCSKSARGEN               
Region XIII - Caraga               
BARMM - Bangsamoro Autonomous Region in Muslim Mindanao

All Economies of 18 Regions Continue to Record Positive Growths in 2024; Central Visayas was the Fastest Growing Region [back to top] 

All economies of 18 regions continued to record annual positive growths in 2024. Central Visayas posted the fastest growth of 7.3 percent in 2024 at Constant 2018 Prices. Caraga ranked second at 6.9 percent, followed by Central Luzon at 6.5 percent. These three regions exhibited higher growths than the national level growth rate of 5.7 percent.

Other four (4) regions with growths faster than the national level were Davao Region, 6.3 percent; Eastern Visayas, 6.2 percent; Northern Mindanao, 6.0 percent; and the newly created Negros Island Region (NIR), 5.9 percent. (Figure 1)            
 

Source: Philippine Statistics Authority

At the national level, the Gross Domestic Product (GDP) grew by 5.7 percent in 2024, an acceleration from the 5.5 percent growth in 2023. The top industries with the highest growths were Human health and social work activities, 10.9 percent; Accommodation and food service activities, 10.4 percent; and Construction, 10.2 percent. (Figure 2)            
 

Source: Philippine Statistics Authority

At the expenditure side, the expenditure items with the highest growths were Gross capital formation, 7.7 percent; Government final consumption expenditure, 7.3 percent; and Household final consumption expenditure, 4.9 percent. (Figure 3)

Source: Philippine Statistics Authority

In terms of regional performance for Services in 2024, the National Capital Region (NCR) registered the biggest share at 41.1 percent. This was followed by CALABARZON and Central Luzon at 10.9 percent and 8.3 percent, respectively. (Figure 4)

On the share of each region to the whole Industry, CALABARZON constituted the largest at 24.7 percent, followed by NCR, 18.3 percent; and Central Luzon, 16.3 percent. (Figure 5)

For Agriculture, forestry and fishing (AFF), Central Luzon topped the share at 14.0 percent, followed by Northern Mindanao and Davao Region at 10.5 percent and 8.3 percent, respectively. (Figure 6) 

Household spending in 2024 increased for all regions with Central Visayas posting the highest growth rate of 7.7 percent. This was followed by Eastern Visayas, 6.8 percent; and Zamboanga Peninsula, 6.4 percent. (Figure 7)

Source: Philippine Statistics Authority

On government spending, NCR grew the fastest among the regions at 9.9 percent, followed by Cordillera Administrative Region (CAR) at 7.6 percent, Western Visayas at 7.5 percent, NIR at 7.2 percent, and Cagayan Valley at 7.05 percent. (Figure 8)

Source: Philippine Statistics Authority

Gross Capital Formation in Davao Region posted the fastest growth of 17.0 percent, followed by Central Visayas, 13.8 percent; and Zamboanga Peninsula, 13.4 percent. (Figure 9)

Source: Philippine Statistics Authority

NCR - NATIONAL CAPITAL REGION [back to top] 

NCR’s economy increases by 5.6 percent in 2024

The economy of NCR grew year-on-year by 5.6 percent at constant 2018 prices in 2024, faster than the 4.9 percent growth in 2023. The top three industries that recorded the fastest growth were the following: Transportation and storage, 9.4 percent; Other services, 9.2 percent; and Human health and social work activities, 8.9 percent. (Figure 11)

Source: Philippine Statistics Authority

Among the major economic sectors, Services accounted for 82.9 percent of the region’s total Gross Regional Domestic Product (GRDP) in 2024. It includes Wholesale and retail trade; repair of motor vehicles and motorcycles, Transportation and storage, Accommodation and food service activities, Information and communication, Financial and insurance activities, Real estate and ownership of dwellings, Professional and business services, Public administration and defense; compulsory social security, Education, Human health and social work activities, and Other services.

Industry shared 17.1 percent of the GRDP of NCR in 2024. The sub-industries include Mining and quarrying, Manufacturing, Electricity, steam, water and waste management, and Construction. Meanwhile, Agriculture, forestry, and fishing (AFF) shared 0.007 percent of NCR's economy.            
                
NCR contributed 1.7 percentage points to the country’s economy in 2024 at 5.7 percent and accounted for 31.2 percent share to the total Philippine Gross Domestic Product (GDP), the highest among regions.

Government spending bounces back in 2024

NCR’s Government final consumption expenditure (GFCE) rebounded with a 9.9 percent annual growth in 2024 from a decline of 2.1 percent in 2023. GFCE recorded the fastest growth among the major expenditure items in 2024. This was followed by Gross capital formation, 7.3 percent; Household final consumption expenditure (HFCE), 4.1 percent; Imports of goods and services from rest of the world (ROW), 4.0 percent; and Exports of goods and services to ROW, 2.2 percent. (Figure 12)

Source: Philippine Statistics Authority

The per capita HFCE of the region was recorded at PhP 264,343 in 2024, higher than the PhP 142,837 national per capita HFCE. (Figure 13)

Source: Philippine Statistics Authority

CAR – CORDILLERA ADMINISTRATIVE REGION [back to top] 

Services spur CAR’s economic growth in 2024

The economy of the Cordillera Administrative Region (CAR) was valued at PhP 378.26 billion in 2024. This was a 4.8 percent expansion from the region’s economy valued at PhP 360.90 billion in 2023. The fastest growths were observed in Professional and business services with 12.1 percent; Other services with 10.0 percent; and Human health and social work activities with 9.9 percent. Meanwhile, Mining and quarrying; and Construction contracted by 2.1 percent and 2.7 percent, respectively. (Figure 14)

Financial and insurance activities was the main driver of CAR’s economy, which contributed 1.1 percentage points. This was followed by Wholesale and retail trade; repair of motor vehicles and motorcycles with 0.9 percentage point, and Professional and business services with 0.7 percentage point. 

Source: Philippine Statistics Authority

Services accounted for the majority of the region’s total economy with 69.4 percent share. This was followed by Industry and AFF with 23.2 percent and 7.4 percent, respectively.

Of the 5.7 percent economic expansion of the country in 2024, CAR contributed 0.1 percentage point. Further, CAR’s economy accounted for 1.7 percent of the national GDP.

Total Imports from ROW further expands in Cordillera in 2024

CAR’s Imports of goods and services from ROW grew by 22.9 percent in 2024, a continuous expansion from a 24.0 percent growth recorded in 2023. This was the fastest growing expenditure item in the region followed by GFCE, which rebounded to 7.6 percent growth in 2024 from a decline of 1.3 percent in 2023, and HFCE with 5.0 percent growth. On the other hand, Gross capital formation posted a contraction of 3.6 percent during the period. (Figure 15)

Source: Philippine Statistics Authority

The per capita HFCE of CAR was estimated at PhP 144,230 in 2024, higher than the PhP 142,837 national per capita HFCE. (Figure 16)

Source: Philippine Statistics Authority

REGION I – ILOCOS REGION [back to top]

Ilocos Region’s economy increases by 4.9 percent in 2024

The economy of Ilocos Region grew by 4.9 percent in 2024. The top three industries that recorded the fastest growth in the region were the following: Financial and insurance activities, 13.3 percent; Professional and business services, 11.6 percent; and Accommodation and food service activities, 11.1 percent. Meanwhile, AFF posted a decline of 0.6 percent in 2024. (Figure 17)

Source: Philippine Statistics Authority

Services accounted for 54.3 percent of the region’s total GRDP in 2024. This was followed by Industry with 30.4 percent and AFF with 15.2 percent.            
                
Ilocos Region contributed 0.2 percentage point to the country’s economy in 2024 at 5.7 percent and accounted for 3.3 percent of the total Philippine GDP.            
 

Gross Capital Formation registers the fastest growth in Ilocos Region in 2024

All major expenditure items registered growths in 2024 as the Gross capital formation recorded the fastest with 7.6 percent. This was followed by Exports of goods and services to ROW with 7.5 percent; HFCE with 4.4 percent; GFCE with 3.9 percent; and Imports of goods and services from ROW with 2.7 percent. (Figure 18)

Source: Philippine Statistics Authority

The per capita HFCE of the region was recorded at PhP 129,330 in 2024, lower than the PhP 142,837 national per capita HFCE. (Figure 19)

Source: Philippine Statistics Authority

REGION II – CAGAYAN VALLEY [back to top] 

Cagayan Valley’s economy grows by 5.3 percent in 2024

The economy of Cagayan Valley grew by 5.3 percent in 2024, slower than the 6.1 percent growth in 2023. The top three industries that recorded the fastest growth were the following: Construction, 16.2 percent; Professional and business services, 15.1 percent; and Human health and social work activities, 12.3 percent. Meanwhile, Mining and quarrying; and AFF posted declines of 6.9 percent and 0.8 percent, respectively. (Figure 20)

Source: Philippine Statistics Authority

Services accounted for 45.0 percent of the region’s total GRDP in 2024. This was followed by Industry with 29.7 percent share and AFF with 25.3 percent.            
                
Cagayan Valley contributed 0.1 percentage point to the country’s economy in 2024 at 5.7 percent and accounted for 2.1 percent of the total Philippine GDP.            
 

Household spending in Cagayan Valley grows by 6.3 percent in 2024

Cagayan Valley’s HFCE sustained its positive growth by posting 6.3 percent in 2024, from the 5.8 percent growth in 2023. Imports of goods and services from ROW, Gross capital formation, GFCE, and Exports of goods and services to ROW also posted growths in 2024 with 29.3 percent, 10.9 percent, 7.0 percent, and 6.3 percent, respectively. (Figure 21)

Source: Philippine Statistics Authority

The per capita HFCE in the Cagayan Valley was recorded at PhP 106,346 in 2024. This was lower than the national level estimated at PhP 142,837. (Figure 22)

Source: Philippine Statistics Authority

REGION III – CENTRAL LUZON [back to top] 

Central Luzon’s economy grows by 6.5 percent in 2024

The economy of Central Luzon accelerated to 6.5 percent growth in 2024 compared with the 6.1 percent growth in 2023. The top three industries that recorded the fastest growth were the following: Human health and social work activities, 14.1 percent; Construction, 13.7 percent; and Public administration and defense; compulsory social security, 11.2 percent. On the other hand, Agriculture, forestry, and fishing; and Mining and quarrying posted declines of 0.3 percent and 15.7 percent, respectively. (Figure 23)

Source: Philippine Statistics Authority

In terms of contribution to growth, Construction was the leading driver, contributing 1.6 percentage points. This was followed by Manufacturing with 1.3 percentage points, and Wholesale and retail trade; repair of motor vehicles and motorcycles with 0.9 percentage point.  

Services accounted for 47.3 percent of the region’s total GRDP in 2024. This was followed by Industry with 42.6 percent share. Meanwhile, AFF shared 10.1 percent of the region’s economy.

Industry grew faster by 7.3 percent in 2024 from 5.5 percent in 2023. This was attributed mainly to the double-digit growth rate in Construction.             
                
Central Luzon contributed 0.7 percentage point to the country’s economy in 2024 at 5.7 percent. It also ranked third among 18 regions in terms of share to Philippine GDP at 11.1 percent.

Central Luzon’s Gross Capital Formation increases by 9.4 percent in 2024

Central Luzon's Gross capital formation recorded the fastest growth among major expenditure items with 9.4 percent in 2024. This was followed by GFCE with 5.5 percent; HFCE with 4.5 percent; and Imports of goods and services from ROW with 2.9 percent. On the other hand, Exports of goods and services to ROW declined by 1.3 percent. (Figure 24)

Source: Philippine Statistics Authority

The per capita HFCE in Central Luzon was estimated at PhP 164,469 which was higher than the PhP 142,837 national per capita HFCE. (Figure 25)

Source: Philippine Statistics Authority

REGION IVA – CALABARZON [back to top] 

CALABARZON’s economy expands by 5.6 percent in 2024            

The economy of CALABARZON accelerated to 5.6 percent in 2024 from 5.2 percent growth in 2023. The main contributor to the expansion of CALABARZON’s economy was Manufacturing, which contributed 1.5 percentage points.

The top three fastest growing industries were Financial and insurance activities with 13.0 percent; Human health and social work activities with 12.8 percent; and Public administration and defense; compulsory social security with 11.7 percent. Conversely, AFF declined by 0.7 percent, the only industry which recorded contraction in 2024. (Figure 26)

Source: Philippine Statistics Authority

CALABARZON was the only region in the country that was predominantly industrial. Among the major economic sectors of the region, Industry had the largest share with 49.0 percent. This was followed by Services with 46.8 percent share and AFF with 4.2 percent share.

Of the 5.7 percent growth of Philippines’ GDP in 2024, CALABARZON contributed 0.8 percentage point, the second highest among the 18 regions. Moreover, the region remained second in terms of share, accounting for 14.7 percent of the national GDP.

GFCE records highest growth in CALABARZON in 2024            
                
Among the major expenditure items, GFCE recorded the highest growth of 6.5 percent in 2024. This was followed by HFCE at 5.2 percent and Exports of goods and services to ROW at 3.8 percent. On the other hand, Gross capital formation declined by 2.1 percent. (Figure 27)

Source: Philippine Statistics Authority

The per capita HFCE in the region was estimated at PhP 159,767, which grew by 4.0 percent, from PhP 153,645 in 2023. This was higher by 11.9 percent than the national level estimated at PhP 142,837. (Figure 28)

Source: Philippine Statistics Authority

MIMAROPA REGION [back to top] 

MIMAROPA Region’s economy expands by 4.4 percent in 2024

The economy of MIMAROPA Region grew by 4.4 percent in 2024, slightly slower than the 4.6 percent growth in 2023. In terms of levels, the regional economy was estimated at PhP 429.38 billion, from the PhP 411.15 billion in 2023. The top three industries that recorded the fastest growth were the following: Construction, 19.1 percent; Professional and business services, 13.1 percent; and Electricity, steam, water and waste management, with 12.1 percent. Meanwhile, AFF posted a decline of 5.3 percent in 2024. Mining and quarrying continued to drop by 7.8 percent in 2024. (Figure 29)

Source: Philippine Statistics Authority

Among the 18 regions in the country, MIMAROPA Region registered the fastest growth for Transportation and storage with 11.6 percent. Additionally, the region also had the second fastest growth for Construction and Electricity, steam, water and waste management, which posted increases of 19.1 percent and 12.1 percent, respectively.

Services accounted for 51.1 percent of the region’s total GRDP in 2023. This was followed by Industry with 32.4 percent share. Meanwhile, AFF shared 16.5 percent of MIMAROPA Region’s economy.

MIMAROPA’s Total Exports to ROW accelerates by 11.3 percent in 2024

MIMAROPA’s Exports of goods and services sustained its growth by 11.3 percent in 2024, from the 37.4 percent growth in 2023. Gross capital formation, GFCE, and HFCE likewise grew in 2024 by 8.4 percent, 4.6 percent, and 3.8 percent, respectively. On the other hand, Imports of goods and services from ROW declined by 5.2 percent. (Figure 30)

Source: Philippine Statistics Authority

The per capita HFCE of the region was recorded at PhP 110,146 in 2024, lower than the PhP 142,837 national per capita HFCE. (Figure 31)

Source: Philippine Statistics Authority

REGION V – BICOL REGION [back to top] 

Bicol Region’s economy accelerates to 4.9 percent in 2024

The economy of Bicol Region grew by 4.9 percent in 2024, faster than the 4.5 percent growth in 2023. The top three fastest growing industries were the following: Financial and insurance activities, 11.1 percent; Professional and business services, 10.4 percent; and Transportation and storage, 9.6 percent. Meanwhile, AFF posted a decline of 4.3 percent in 2024. (Figure 32)

Source: Philippine Statistics Authority

Services remained to account for the largest share in the region’s economy in 2024 at 51.0 percent, followed by Industry with 36.0 percent. Meanwhile, AFF shared 13.0 percent of Bicol Region’s economy.            
                
Bicol Region contributed 0.1 percentage point to the country’s economy in 2024 at 5.7 percent and accounted for 2.9 percent of the total Philippine GDP.

Bicol Region’s Imports of Goods from ROW grows by 59.5 percent

By expenditure item, Imports of goods and services from ROW posted the fastest growth at 48.7 percent in 2024. This was followed by Exports of goods and services to ROW at 10.1 percent. HFCE, Gross capital formation, and GFCE also registered expansions with 5.6 percent, 4.1 percent, and 3.6 percent growth, respectively. (Figure 33)

Source: Philippine Statistics Authority

Real per capita HFCE was higher by 4.7 percent in 2024. The real per capita HFCE in the region was recorded at PhP 106,633 in 2024, lower than the PhP 142,837 national per capita HFCE. (Figure 34)

           
Source: Philippine Statistics Authority

REGION VI – WESTERN VISAYAS [back to top] 

Western Visayas’ economy grows by 4.3 percent in 2024

The economy of Western Visayas grew by 4.3 percent in 2024, slower than the 6.8 percent growth in 2023. The Western Visayas economy was valued at PhP 641.76 billion at constant 2018 prices.

The top three industries that recorded the fastest growth were the following: Professional and business services at 13.7 percent; Electricity, steam, water and waste management at 13.5 percent; and Human health and social work activities at 13.5 percent. Meanwhile, AFF posted a decline of 7.3 percent in 2024. (Figure 35)

Source: Philippine Statistics Authority

Services accounted for 66.5 percent of the region’s total GRDP in 2024. This was followed by Industry with 19.0 percent share, and AFF with 14.5 percent share to the region’s economy.            
                
Western Visayas contributed 0.13 percentage point to the country’s economy in 2024 at 5.7 percent, accounting for 2.9 percent of the total Philippine GDP.

Gross capital formation in Western Visayas grows further by 11.1 percent in 2024

Gross capital formation sustained its growth with 11.1 percent in 2024 from a 13.5 percent growth in 2023. GFCE likewise grew by 7.5 percent; Household spending or HFCE posted a 3.3 percent growth; Imports of goods and services from ROW and exports of goods and services to ROW expanded but at a slower pace, registering 2.7 percent and 1.3 percent, respectively. (Figure 36)

Source: Philippine Statistics Authority

The per capita HFCE of the region was recorded at PhP 125,821 in 2024, lower than the national level of PhP 142,837. (Figure 37)

Source: Philippine Statistics Authority

NIR – NEGROS ISLAND REGION [back to top] 

NIR’s economy increases by 5.9 percent in 2024

The economy of NIR grew by 5.9 percent in 2024, slower than the 7.8 percent growth in 2023. The top three industries that recorded the fastest growth were the following: Construction, 19.0 percent; Human health and social work activities, 12.8 percent; and Other Services, 12.1 percent. Meanwhile, AFF posted a decline of 10.3 percent in 2024. (Figure 38)

Source: Philippine Statistics Authority

Services accounted for 64.6 percent of the region’s total GRDP in 2024. This was followed by Industry with 22.3 percent share. Meanwhile, AFF shared 13.1 percent of NIR's economy.            
                
NIR contributed 0.2 percentage point to the total country’s economy in 2024 at 5.7 percent and accounted for 2.9 percent of the total Philippine GDP.

Exports of Goods and Services to ROW in NIR grows by 10.3 percent in 2024

Export of goods and services to ROW recorded the highest growth among major expenditure items in NIR with 10.3 percent in 2024. This was followed by Gross capital formation, Imports of goods and services from ROW, GFCE, and HFCE, which grew in 2024 by 9.9 percent, 7.5 percent, 7.2 percent, and 4.8 percent, respectively. (Figure 39)

Source: Philippine Statistics Authority

The per capita HFCE of the region was recorded at PhP 100,246 in 2024, lower than the national level of PhP 142,837. (Figure 40)

Source: Philippine Statistics Authority

REGION VII – CENTRAL VISAYAS [back to top] 

Central Visayas is the country’s fastest-growing regional economy in 2024

Central Visayas mirrored its 2023 economic performance with a 7.3 percent growth in 2024, the highest among 18 regional economies in the country. The top three industries that recorded the fastest expansion were the following: Accommodation and food service activities, 14.6 percent; Human health and social work activities, 11.9 percent; and Transportation and storage, 11.3 percent. Meanwhile, Mining and quarrying posted the slowest growth at 3.9 percent. (Figure 41)

Source: Philippine Statistics Authority

Among the three major industries, services accounted for 70.1 percent of the region’s total GRDP in 2024. This was followed by Industry with 24.9 percent share. Meanwhile, AFF shared 5.0 percent of the region's economy.            
                
Central Visayas contributed 0.4 percentage point to the country’s economy in 2024 at 5.7 percent. It also accounted for 5.7 percent of the total Philippine GDP, the fourth highest after NCR, CALABARZON, and Central Luzon.

Gross Capital Formation grows the fastest in Central Visayas in 2024

In 2024, all major expenditure items posted growth. Gross capital formation had the fastest growth with 13.8 percent. This was followed by Exports of goods and services to ROW with 8.5 percent growth and HFCE with 7.7 percent. (Figure 42)

Source: Philippine Statistics Authority

The per capita HFCE of the region was recorded at PhP 140,782 in 2024. This was around PhP 2,000 lower than the national level estimated at PhP 142,837. (Figure 43)

Source: Philippine Statistics Authority

REGION VIII – EASTERN VISAYAS [back to top] 

Eastern Visayas’ economy posts 6.2 percent growth in 2024

The economy of Eastern Visayas grew slightly slower by 6.2 percent in 2024 compared with its 6.3 percent growth in 2023. The top three industries that recorded the fastest growth were the following: Professional and business services, 15.7 percent; Human health and social work activities, 12.6 percent; and Accommodation and food service activities, 12.4 percent. Meanwhile, Mining and quarrying posted a decline of 1.4 percent in 2024. (Figure 44)

Source: Philippine Statistics Authority

Services accounted for 48.1 percent of the region’s total GRDP in 2024. This was followed by Industry with 40.2 percent share. Meanwhile, AFF shared 11.7 percent of Eastern Visayas region’s economy.            
                
Eastern Visayas contributed 0.2 percentage point to the country’s economy in 2024 at 5.7 percent and accounted for 2.5 percent of the total Philippine GDP.

Eastern Visayas’ Gross capital formation spending accelerates by 9.4 percent in 2024

Eastern Visayas’ expenditure on Gross capital formation grew by 9.4 percent in 2024, higher than the 4.4 percent growth in 2023. HFCE and GFCE likewise grew faster in 2024 to 6.8 percent from 5.3 percent, and 5.7 percent from 1.6 percent in 2023, respectively.  

On the other hand, Exports of goods and services to ROW declined by 1.7 percent from 7.7 percent growth, and Imports of goods and services from ROW contracted by 8.7 percent from 13.6 percent growth recorded in 2023, respectively. (Figure 45)

Source: Philippine Statistics Authority

The per capita HFCE of the region was recorded at PhP 105,025 in 2024. This was lower than the national level estimated at PhP 142,837. (Figure 46)

Source: Philippine Statistics Authority

REGION IX – ZAMBOANGA PENINSULA [back to top] 

Zamboanga Peninsula’s economy grows by 4.2 percent in 2024

Zamboanga Peninsula’s economy grew by 4.2 percent in 2024, slower than the recorded economic growth of 4.5 percent in 2023. The growth in the region’s economy in 2024 was attributed to the expansion of all industries except for AFF.

The industries with the fastest growth rates were Mining and quarrying, which grew by 17.9 percent, followed by Professional and business services, which expanded by 13.6 percent, and Transportation and storage, which grew by 11.3 percent. (Figure 47)

Source: Philippine Statistics Authority

Among the three major industries, Services accounted for 54.9 percent share of the total regional economy. This was followed by Industry with 29.3 percent share, and AFF with 15.8 percent share.            
                
Of the 5.7 percent economic growth of the country in 2024, Zamboanga Peninsula contributed 0.1 percentage point, accounting for 2.1 percent share to the national GDP.            
 

Zamboanga Peninsula’s Gross capital formation posts highest growth in the region

At the expenditure side, Gross capital formation had the fastest growth with 13.4 percent in 2024, from the 8.8 percent growth in 2023. This was followed by Exports of goods and services to ROW, which grew by 8.5 percent; and Imports of goods and services from ROW, which rebounded to 6.5 percent from a decline by 8.3 percent in 2023.

HFCE and GFCE both accelerated in 2024 to 6.4 percent and 5.5 percent from 2.7 percent and 2.2 percent, respectively, in 2023. (Figure 48)

Source: Philippine Statistics Authority

The per capita HFCE of the region was recorded at PhP 88,652 in 2024, lower than the national level estimated at PhP 142,837. (Figure 49)

Source: Philippine Statistics Authority

REGION X - NORTHERN MINDANAO [back to top] 

Northern Mindanao’s economy surpasses trillion-peso mark, grows by 6.0 percent in 2024

Northern Mindanao’s economy expanded by 6.0 percent in 2024, accelerating from the 5.2 percent growth recorded in the previous year. This growth pushed the region’s GRDP to the trillion-peso mark.

All industries posted increases in gross value added, with Other services, 12.6 percent; Accommodation and food service activities, 11.6 percent; and Construction, 11.5 percent as the top three fastest growing industries. (Figure 50)

Source: Philippine Statistics Authority

Services remained the largest contributor to the region’s GDP, accounting for 56.5 percent of the total GRDP. Industry followed with a 25.6 percent share, while AFF shared 17.9 percent.

The main driver in 2024 was Wholesale and retail trade; repair of motor vehicles and motorcycles, which contributed 1.9 percentage points to the region’s overall growth. Construction followed with a 0.9 percentage point contribution, while Manufacturing added 0.6 percentage point. Combined, these three industries accounted for 3.4 percentage points, which was more than half of the region’s total 6.0 percent economic growth.

Northern Mindanao contributed 0.3 percentage point to the country’s total economic growth of 5.7 percent in 2024. It accounted for 4.7 percent of the Philippines' GDP, making it the sixth largest regional economy in the country.

Northern Mindanao increases in Import spending in 2024, topping regional expenditure

Northern Mindanao’s Imports of goods and services from ROW posted the highest increase in growth with 19.3 percent. Gross capital formation sustained its positive growth of 9.4 percent. In addition, Exports of goods and services to ROW posted an increase of 9.3 percent from a decline of 1.6 percent in 2023. Also, GFCE recorded an increase of 4.2 percent from 4.1 percent in 2023. Moreover, HFCE grew at a slower pace in 2024 with 4.5 percent growth from 6.6 percent increase in 2023. (Figure 51)

Source: Philippine Statistics Authority

The per capita HFCE of the region was recorded at PhP 111,670 in 2024, lower than the national level estimated at PhP 142,837. (Figure 52)

Source: Philippine Statistics Authority

REGION XI - DAVAO REGION [back to top] 

Davao Region’s economy posts 6.3 percent growth in 2024

The economy of Davao Region posted a 6.3 percent increase in 2024, slower than the 6.7 percent growth in 2023. The top three industries that recorded the fastest growth were the following: Construction, 15.5 percent; Transportation and storage, 10.5 percent; and Professional and business services, 10.3 percent. Meanwhile, AFF posted a decline of 0.4 percent in 2024. (Figure 53)

Source: Philippine Statistics Authority

The top contributors to growth of the region were the following: Construction with 1.6 percentage points, Wholesale and retail trade; repair of motor vehicles and motorcycles with 1.2 percentage points, and Financial and insurance activities with 0.7 percentage contribution to the 6.3 percent growth of the region in 2024.

With this growth, the economy of Davao Region in 2024 was valued at PhP 1.08 trillion at constant 2018 prices, an increase of PhP 64.27 billion from the PhP 1.02 trillion in 2023.

Of the total GRDP in 2024, Services accounted for 61.1 percent share, followed by Industry with 25.3 percent, AFF with 13.6 percent.

Gross capital formation tops among expenditure items in Davao Region in 2024

Davao Region’s Gross capital formation recorded the fastest growth among expenditure items, with a 17.0 percent increase in 2024. Exports of goods and services to ROW followed with 10.8 percent growth, and Imports of goods and services from ROW with 6.9 percent. The region’s HFCE expanded by 5.3 percent, while GFCE grew by 4.4 percent. (Figure 54)

Source: Philippine Statistics Authority

The per capita HFCE of the region was recorded at PhP 126,416 in 2024 at constant 2018 prices. This was lower than the national per capita HFCE at PhP 142,837. (Figure 55)

Source: Philippine Statistics Authority

REGION XII – SOCCSKSARGEN [back to top] 

SOCCSKSARGEN Region’s economy expands by 5.5 percent in 2024

The economy of the SOCCSKSARGEN Region grew by 5.5 percent in 2024, faster than the 3.5 percent growth recorded in 2023. In 2024, Mining and quarrying posted a 277.2 percent year-on-year growth. All other industries recorded expansions during the period which includes Human health and social work activities, 14.2 percent; and Accommodation and food service activities, 12.7 percent. (Figure 56)

Source: Philippine Statistics Authority

Among the three major industries, Services accounted for the largest share of SOCCSKSARGEN Region’s total GRDP in 2024, contributing 51.6 percent or more than half of the economy. This was followed by Industry with a 24.7 percent share. Meanwhile, AFF accounted for 23.8 percent of the regional economy.

In terms of contribution to the region’s 5.5 percent economic growth in 2024, Services led with 3.5 percentage points, followed by Industry with 1.8 percentage points. Meanwhile, AFF had a contribution of 0.2 percentage point.

SOCCSKSARGEN’s Exports of goods and services to ROW grows by 25.0 percent in 2024

Among the expenditure items in 2024, Exports of goods and services to ROW posted the highest growth with 25.0 percent. This was followed by Gross capital formation at 12.9 percent; and Imports of goods and services from ROW at 7.5 percent. All expenditure items posted positive growths. (Figure 57)

Source: Philippine Statistics Authority

The per capita HFCE in the SOCCSKSARGEN Region was recorded at PhP 100,594 in 2024. This was lower than the national level at PhP 142,837. (Figure 58)

Source: Philippine Statistics Authority

REGION XIII – Caraga Region [back to top] 

Caraga’s economy expanded by 6.9 percent in 2024

The economy of Caraga, which amounted to PhP 362.8 billion, accelerated with a growth of 6.9 percent in 2024, lower than the 4.8 percent growth in 2023. This growth positioned the region as the second fastest-growing economy among the 18 regions in the country during the period.

All industries posted increases in 2024 with the following as the top three fastest-growing industries: Professional and business services, 14.5 percent; Accommodation and food service activities, 13.6 percent; and Construction, 11.9 percent. (Figure 59)

Source: Philippine Statistics Authority

Among the three major industries, Services accounted for 56.2 percent share of the total regional economy. This was followed by Industry with 33.2 percent share, and AFF with 10.6 percent share.             
                
Caraga contributed 0.1 percentage point to the country’s economy in 2024 at 5.7 percent. In terms of percent share, Caraga accounted for 1.6 percent of the country’s GDP.

Caraga’s Imports of goods and services from ROW increases by 40.6 percent in 2024

Among the expenditure items, Imports of goods and services from ROW posted the fastest growth at 40.6 percent in 2024, from 22.6 percent in 2023. This was followed by Gross capital formation at 11.7 percent; GFCE at 7.0 percent; and HFCE at 4.6 percent. On the other hand, Exports of goods and services to ROW declined by 1.0 percent in 2024. (Figure 60)

Source: Philippine Statistics Authority

The per capita HFCE in the Caraga Region was recorded at PhP 92,829 in 2024. This was lower than the national level estimate at PhP 142,837. (Figure 61)

Source: Philippine Statistics Authority

BARMM - BANGSAMORO AUTONOMOUS REGION IN MUSLIM MINDANAO [back to top] 

BARMM’s Economy expands in 2024 albeit slower at 2.7 percent

The economy of BARMM grew by 2.7 percent in 2024, slower than the 4.0 percent growth posted in 2023. The top three industries that recorded the fastest growth were the following: Construction, 26.0 percent; Professional and business services, 12.5 percent; and Human health and social work activities, 10.9 percent. Meanwhile, Mining and quarrying; and AFF contracted by 8.7 percent and 4.2 percent, respectively. (Figure 62)

Source: Philippine Statistics Authority

Among the three major industries, Services comprised 42.0 percent of the region’s total GRDP in 2024, followed by AFF with 32.4 percent share. Meanwhile, Industry accounted for 25.6 percent of BARMM's economy.            
                
BARMM contributed 0.04 percentage points to the country’s economy in 2024 at 5.7 percent and accounted for 1.3 percent of the total Philippine GDP.

Imports of Goods and Services from ROW in BARMM accelerates by 53.6 percent in 2024

Imports of goods and services from ROW of BARMM rebounded to 53.6 percent growth in 2024 from a decline of 13.8 percent in 2023. Gross capital formation and GFCE also posted accelerated growths at 8.1 percent and 3.9 percent, respectively. On the other hand, HFCE decelerated by 3.6 percent in 2024 from the 7.5 percent growth registered in 2023. (Figure 63)

Source: Philippine Statistics Authority

The per capita HFCE of the region was recorded at PhP 65,282 in 2024 at constant 2018 prices, lower than the national value of PhP 142,837. (Figure 64)

Source: Philippine Statistics Authority