Eastern Visayas foresees positive economic growth in 2024 following Q4 2023 gains
Eastern Visayas showed signs of strong economic expansion in the fourth quarter of 2023, with key indicators exhibiting growth and gains.
While inflation rose to 4.3 percent in December 2023 after two consecutive months of deceleration, this figure remains 3.5 percentage points lower than the 7.8 percent inflation rate in December 2022.
The labor market saw mixed results, with declines in labor force participation and employment rates. However, the underemployment rate showed encouraging reductions.
In the agri-fishery and forestry sector, livestock, poultry, and fisheries production increased. Meanwhile, palay, corn, and log production decreased compared to the previous year.
Mobility indicators continued to improve, with notable growth in both land and sea transportation.
Positive developments were also seen in business registration, revenue collection, banking, and energy. Additionally, water and air quality parameters remained within set or allowable limits.
Total crime volume also decreased, reflecting improved peace and order in the region.
The new fiscal year brings public investments aimed at stimulating further development in Eastern Visayas. With strong congressional support, priority programs and projects are expected to be funded in FY 2025 and the next five years.