Sugbo News - 'SUGBOHOL' IS PHL's FASTEST GROWING ECONOMY

Central Visayas region, now composed by Cebu and Bohol (affectionately called “SugBohol”), remains to be the fastest-growing regional economy among 18 regions in the country, according to data made public by the Philippine Statistics Authority (PSA 7).

'SUGBOHOL' IS PHL's FASTEST GROWING ECONOMY

April 23, 2025

PSA 7 Chief Statistical Specialist Leopoldo Alpanta Jr. revealed that SugBohol recorded a 7.3 percent gross regional domestic product (GRDP) growth rate in 2024, maintaining Central Visayas’s lead among all the regions since 2023.

With a growth rate that surpassed the national average of 5.7 percent, SugBohol’s regional economic output in 2024 reached P1.28 trillion, up from P1.19 trillion in 2023, added the official from PSA, the central statistical authority of the Philippine government.

The PSA excluded Negros Oriental and Siquijor in the 2024 figure, as these provinces are now part of the Negros Island Region (NIR) along with Negros Occidental.

Steven Yu, Mandaue Chamber of Commerce and Industry (MCCI) past president, said local government units’ investments in infrastructure, connectivity, energy, water, tourism, ease of doing business, healthcare and education “are bearing fruit and serves as a strong foundation for further economic growth, leapfrogging other regions.”

He also said the Cebu Provincial Government's initiative to spur countryside development in tourism and trade – under the flagship programs of Gov. Gwen Garcia, is a game changer for the region.

To sustain the momentum, Yu said, “we need to continue our thrusts towards tourism, skills upskilling in artificial intelligence and information technology, investments in renewable and traditional energy, water and infrastructure connectivity.”

Yu said the airport authorities’ efforts to bring in more flights and improve airport facilities significantly support the region’s tourism growth. | With reports from SunStar Cebu

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