In 2023, the Bicol Region’s economy grew by 4.60 percent, mainly driven by the industry and services sectors. However, this growth fell short of the 7.0 to 8.5 percent target in the Bicol Regional Development Plan (RDP) for 2023–2028.
The economic performance varied across the six provinces but revealed a consistent pattern of services-led growth contrasted by agricultural decline. Catanduanes outperformed the region and met the regional target with a 7.6 percent growth rate, driven by strong performance in industry and services, though it faced challenges in mining and quarrying, and agriculture, forestry, and fisheries. Sorsogon, Albay, and Masbate experienced moderate growth rates of 6.2 percent, 5.9 percent, and 3.5 percent, respectively, with services contributing significantly but hampered by setbacks in manufacturing. Camarines Norte and Camarines Sur, despite having large agricultural bases, suffered significant contractions in the agriculture sector, pulling down their overall economic growth to 3.7 percent and 3.2 percent, respectively.
In terms of how much each province contributed to the region’s economy, Camarines Sur was the biggest contributor with PHP201.03 billion or 32.90 percent of the Bicol Region’s total economic output. Next was Albay with PHP153.73 billion (25.20%). Masbate, Sorsogon, and Camarines Norte contributed PHP82.99 billion (13.60%), PHP79.18 billion (13.00%), and PHP62.41 billion (10.20%), respectively. Catanduanes, though smaller, still contributed PHP30.99 billion (5.10%) — a good share considering its size and strong growth. These figures show the need to support each province’s strengths while addressing challenges to achieve balanced development across the region.