Central Visayas recorded an inflation rate of 2.7 percent in Q4 2024, down from 3.3 percent in Q3, bringing full-year inflation to 3.2 percent — well below the 5.1 percent in 2023 and 6.6 percent in 2022. This kept inflation within the 2.5 to 4.5 percent target for 2024 set by the Central Visayas Regional Development Plan (CVRDP) 2023-2028.
Approved investments in the New Central Visayas, that is, Cebu and Bohol, grew by 8.5 percent in 2024, while foreign investments surged by 158.6 percent, reflecting strong investor confidence in the region’s business climate. Construction activity in Central Visayas declined by 2.98 percent, though alterations, repairs, and expansions saw significant growth. Employment remained high, but underemployment persisted in the region.
Foreign trade expanded, with imports rising by 7 percent and exports growing by 11.9 percent. Japan remained the top export market, while China continued to dominate imports. The IT-BPM sector continued its expansion. Palay production reached its highest level since 2021. While livestock production declined, poultry and fishery production grew.
The retail sector remained resilient despite persistent challenges. Tourism arrivals breached the 7-million mark. Both the retail and tourism sectors are expected to benefit from Republic Act (RA) 12079, or the VAT Refund for Non-Resident Tourists.
Sustaining growth will require political stability, infrastructure investments, and effective inflation management to keep Central Visayas competitive in the coming years.