EV posts 6.4% economic growth

The service sector remains the primary driver of our economic performance, contributing a substantial 47.7 percent

TACLOBAN CITY — A strong tourism sector performance pulled the economy of Eastern Visayas up with a growth rate of 6.4 percent in 2023, the Philippine Statistics Authority (PSA) reported on Thursday.

PSA regional Director Wilma Perante said the positive performance in services, industry and agriculture boosted the growth of goods and services in Eastern Visayas last year to P523.56 billion from P492.18 billion recorded in 2022.

Perante said the 6.4 percent increase in the gross regional domestic product (GRDP) is higher than the country’s GDP growth which is pegged at 5.5 percent.

The National Economic and Development Authority (NEDA) regional office said the 6.4 percent GRDP is the third year in a row that Eastern Visayas registered an economic growth of above 6 percent which is within the regional target of between 6-7 percent from 20232028 based on Eastern Visayas Regional Development Plan.

“The service sector remains the primary driver of our economic performance, contributing a substantial 47.7 percent,” says NEDA assistant regional director Jam Colas.

Colas said that based on partial data, Eastern Visayas registered a tourist arrival of 3.86 million in 2023 which is twice higher than 1.08 million tourists that visited the region in 2022.

“This success can be traced to strong development and promotion of the region’s tourism destinations,” Colas said. “Revenge travel as the pandemic wanes also contributed to this upsurge. Consequently, our vibrant tourism fueled a 19.8 percent increase in accommodation and food service activities.”

Similarly, the industry sector recorded a tempered growth of 5.8 percent in 2023 from 7.2 percent in 2022.