In 2024, the Bicol Region's economic performance showed slight improvement, marked by a lower inflation rate of 3.5 percent (from 5.9% in 2023), aligning with the Bicol Regional Development Plan (RDP) -2023-2028 target of 2.0-4.0 percent. While the average unemployment rate increased slightly to 5.7 percent (from 5.2% in 2023), it remained within the 5.0-6.5 percent Bicol RDP 2023-2028 target, and underemployment improved to 19.8 percent, reflecting better job quality.
Agricultural production of rice, corn, coconut, and abaca declined due to typhoons, El Niño, and ASF outbreaks, although government interventions supported recovery, with fisheries demonstrating strong growth. The mining sector expanded by 22.0 percent, driven by gold and silver production, while sand and gravel output declined. Domestic tourist arrivals saw a 2.3 percent rise and foreign tourist arrivals recorded a 32.0 percent drop. DOT Region 5 intensified promotions and hosted international cruise ships to boost the sector. Severe weather events continued to challenge agriculture and tourism, reinforcing the urgency for climate resilience and economic stability.