Q3 2023 – Upbeat economic performance continues but significant headwinds persist
In agri-fishery and forestry, palay and corn production rose despite frequent torrential rains in various provinces. Poultry production also increased, while overall livestock, fishery, and log production decreased compared to last year.
Gains were seen in business registration, revenue collection, banking, and sea transportation. Conversely, land transportation, foreign trade, telecommunication, and energy decreased.
The region registered a 3.5 percent inflation rate for Q3 2023, which is 3.7 ppts lower than the IR for Q2 2023. The figure is also 1.2 ppts lower than the national IR of 6 1 percent in the same month and 2.0 ppts lower than the IR in September 2022.
Inflation is expected to increase further in the next quarter due to increased demand for goods and services during the holiday season.
Meanwhile, the labor market's condition deteriorated with decreased labor force participation and employment rates.
Total crime volume continued to decrease, reflecting improved peace and order.