Fastest Growing PH Region 2024: Central Visayas

Backed by a thriving tourism industry that stimulated consumer spending, Central Visayas (Region VII) solidified its status as the nation's top-performing regional economy in 2024, recording an impressive 7.3% GDP expansion. Recent data from the Philippine Statistics Authority (PSA) confirms this growth rate leads all 18 Philippine regions, exceeding both the national average (5.7%) and the National Capital Region's (NCR) 5.59% increase, which faced challenges from rising inflation and elevated interest rates.

A breakdown of Central Visayas' economic composition reveals the services sector as the primary driver, contributing 70% to regional output, while industry and agriculture accounted for 23.4% and 6.6% respectively. When compared to previous years, this represents an acceleration from the region's 2023 performance (7.6% growth) and stands in stark contrast to Metro Manila's decline to 4.9% that same year from its 2022 peak of 7.2%.

Historical context further highlights the evolving regional economic landscape: while Western Visayas previously held the top spot in 2022 with 9.3% growth, Central Visayas has now established itself as the country's new growth leader through consistent, tourism-fueled expansion.