Philippine Standard time

2024 Bicol Gross Regional Domestic Product (GRDP)


In 2024, the Bicol Region’s economy grew by 4.9 percent, slightly up from 4.5 percent in 2023 but still below the 7.0–8.5 percent target under the Bicol Regional Development Plan 2023-2028. This reflects a steady recovery toward pre-pandemic performance, when the region posted growth rates of 6.9 percent in 2018 and 8.2 percent in 2019. Bicol’s regional ranking improved from 15th to 13th out of 18 regions, though its growth remained below the national average of 5.7 percent. This highlights the need to boost productivity, investment, and competitiveness to further strengthen the region’s economic performance. 


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