In the first quarter of 2024, the Bicol Region's economic performance improved. Unemployment rate dropped to 5.6 percent, which is a significant improvement from the 6.6 percent recorded in the first quarter of 2023. This decline in the unemployment rate is within the range of end-of-plan target of 5.0-6.5 percent of the Bicol Regional Development Plan (RDP) 2023-2028. Moreover, there was a notable decrease in the underemployment rate at 18.7 percent. This is a significant improvement compared to the same period last year, where the underemployment rate was at 27.2 percent. The price situation continued to show improvement as the average inflation rate eased to 3.2 percent compared to 8.1 percent in the first quarter of 2023.
The agriculture sector is adversely affected by the El Niño phenomenon but the Department of Agriculture (DA) Region 5 is taking steps to mitigate its negative effects. On the other hand, the industry sector, particularly mining, had a significant growth of 19.8 percent, with an increase in metallic and non-metallic mineral production. Tourist arrivals, a contributor to the services sector, showed developments with increased tourist arrivals driven by sports events, conventions, and expos.