Sugbo News - CENTRAL VISAYAS IS FASTEST-GROWING REGION IN THE COUNTRY

Architect Neil Andrew Menjares, chief of the policy formulation and planning division of the National Economic and Development Authority in the region (NEDA 7) announced that Central Visayas continues to lead the country in economic growth.

CENTRAL VISAYAS IS FASTEST-GROWING REGION IN THE COUNTRY

March 13, 2025

Central Visayas continues to lead the country in economic growth, maintaining its position as the fastest-growing region in the Philippines in 2023.

This was the report of Architect Neil Andrew Menjares, chief of the policy formulation and planning division of the National Economic and Development Authority in the region (NEDA 7) during the Regional Development Council (RDC) meeting at the Cebu Provincial Capitol on March 13.

The report shows that the economy of Central Visayas grew by 7.3% in 2023, which is the highest growth rate among all regions in the country. It is ranked as the fourth-largest economy in the Philippines with a regional economy valued at P1.381 trillion in 2023, up from the P1.29 trillion economy it posted in 2022.

It also contributes 6.6% to the country’s Gross Domestic Product (GDP), reflecting its significant role in driving national economic progress.

However, with the recent passage of the law creating the Negros Island Region, Central Visayas will be composed only by Cebu and Bohol, with Siquijor and Negros Oriental joining the newly created region.

Consequently, the region is expected to lose P179 billion from its economy, or the estimated 14 percent contributions of Negros Oriental and Siquijor, to the regional GDP.

Despite this, the new Central Visayas still maintains high projections, with an economy still valued at around P1.2 trillion, with Cebu Province as the largest contributor to the region’s income at 30.1 percent, according to previous data. Cebu City is expected to contribute 22.4 percent; Bohol Province 13.3 percent, Lapu-Lapu City 11.8 percent, and Mandaue City 8.5 percent. | via BJR

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