The economy of the Bicol Region continued to recover in the first quarter of 2023. This is manifested by a lower unemployment rate of 6.6 percent from 7.8 percent in the first quarter of 2022. Despite the improvement in the unemployment rate, this is below the Bicol Regional Development Plan 2023-2028 headline target of 5.5 to 6.5 percent.
The agriculture sector showed slower growth as the palay and corn production decreased by 2.4 percent and 0.95 percent, respectively. The industry sector, particularly mining, also grew at a slower rate as metallic and selected non-metallic mineral production declined by 16.6 percent. As of May 30, 2023 partial report tourist arrivals in the first quarter reached 431, 964, most of whom (99.1%) were domestic tourists. This indicates growth in the services sector, particularly the industries where tourism is a contributor.
Still of particular concern is the price situation, as indicated by a rising inflation rate with an average of 8.1 percent in the first quarter of 2023. Ensuring an adequate supply of basic commodities will help temper inflation and sustain economic growth and recovery.