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Apr 25, 2024 · Household spending in 2023 increased for all regions with the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) posting the highest growth rate at 7.5 percent. This was followed by CALABARZON, 6.0 percent; and Central Visayas, 5.9 percent.
This is a list of regions and highly urbanized cities of the Philippines by GDP and GDP per capita according to the data by the Philippine Statistics Authority. [1] [2] Data for 2023 estimates (international US$ using 2023 PPP conversion factor from the International Monetary Fund). [3]
RankRegion2023 Gdp (million Php)2023 Gdp (million Usd, Nominal)16,857,643124,96622,943,91156,53732,537,47841,84541,437,62825,116On government spending, all regions posted positive growths in 2022. National Capital Region topped among the regions at 7.4 percent, followed by Ilocos Region at 4.5 percent, Central Luzon at 4.23 percent, and MIMAROPA Region at 4.16 percent. (Figure 8)
- Cebu: P208,271,460,000. Cebu is truly the Queen City of the South. As one of the Philippines’ most developed provinces, it serves as a global hub for business processing services, tourism, shipping, furniture manufacturing, and heavy industry.
- Batangas: P21,856,260,000. Batangas is a major contributor to the Calabarzon region’s economic prosperity. Agriculture and fisheries are the province’s major sectors, with abundant pineapple fields, tuna farms, and sugar plantations.
- Rizal: 20,979,600,000. Rizal province is known for its rich agriculture that produces high-value crops, while its aquaculture is abundant in culturally or commercially produced freshwater seafood.
- Davao De Oro: P18,750,900,000. Davao de Oro remains the wealthiest province in Mindanao in terms of assets according to the Commission on Audit’s 2020 report.
Four regions recorded a lower share to GDP in 2020 compared to 2019: Region III (10.7 percent from 11.3 percent), Region IVA (14.5 percent from 14.6 percent), NCR (31.9 percent from 32.1 percent), and Region VII (6.4 percent from 6.5 percent). Gross regional domestic product (GRDP) was highest in
The Philippine economy grew by 5.5 percent in 2023. Eight out of 17 regions nationwide have posted higher rates compared to the rate recorded at the national level. Davao Region was one of these eight regions. At 6.7 percent growth, Davao Region ranked 5th with the fastest growing economy among the 17 regions in the country in 2023.
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Gross Regional Domestic Product. For data inquiries, contact: Knowledge Management and Communications Division Philippine Statistics Authority 5/F CVEA Bldg., East Avenue, Quezon City Tel. No.: (632) 462-6600 loc. 823 Email: info@psa.gov.ph.
