Tacloban: This city's economy surged by 8.2 percent in 2024, surpassing the 6.8-percent growth posted the previous year, according to the Philippine Statistics Authority (PSA).
According to Philippines News Agency, in its Provincial Product Accounts (PPA) report released on Friday, the PSA estimated the city's Gross Domestic Product (GDP) at PHP59.58 billion in 2024, up from PHP55.06 billion in 2023 and PHP51.54 billion in 2022, all measured at constant 2018 prices. Zonia Salazar, PSA Eastern Visayas supervising statistical specialist, said Tacloban remained a key driver of Eastern Visayas' economy, ranking second largest among the region's highly urbanized and provincial economies.
The city contributed 10.7 percent to the region's PHP555.62 billion Gross Regional Domestic Product (GRDP) in 2024, the PSA said. Among the 16 industries measured, professional and business services registered the fastest growth at 15.1 percent, followed by accommodation and food service activities (11.64 percent) and other services (11.61 percent). The sectors of human health and social work activities (11.3 percent) and transportation and storage (11.0 percent) also recorded double-digit gains, according to Salazar.
Meanwhile, growth was also noted in electricity, water, and waste management (10.5 percent), financial and insurance activities (9.5 percent), manufacturing (8.8 percent), and construction (7 percent). 'The PSA attributed the sustained expansion to the city's continued recovery and business activity in the services sector, reflecting stronger consumer demand and investment confidence,' Salazar said.
Meanwhile, Leyte's economy expanded by 5.8 percent in 2024, slightly slower than the 6.3 percent growth recorded the previous year, according to PSA. The PSA estimated Leyte's GDP at PHP275.99 billion in 2024, up from PHP260.90 billion in 2023 and PHP245.34 billion in 2022.
The province's per capita GDP was pegged at PHP151,355 in 2024, reflecting a 5.8 percent increase from the previous year's figure, according to Sheryl Ann Jamisola, PSA Leyte chief statistical specialist. Among the industries, professional and business services posted the strongest growth at 18 percent, followed by public administration and defense; compulsory social security at 14.8 percent, and human health and social work activities at 14 percent.
Other sectors that contributed significantly included accommodation and food service activities (12.2 percent), financial and insurance activities (11 percent), and construction (10.4 percent). Moderate growth was recorded in agriculture, forestry, and fishing (8.4 percent), transportation and storage (8.5 percent), and electricity, steam, water, and waste management (8.7 percent). However, the manufacturing sector experienced a 1.7-percent contraction, the only industry to post a decline in 2024.
