The economy of the Bicol Region continued to improve in the second quarter of 2023. This is manifested by a lower unemployment rate of 3.9 percent from 6.2 percent in the second quarter of 2022, which is
better than the Bicol Regional Development Plan (RDP) 2023-2028 headline target of 5.0-6.5 percent. The prices situation also showed improvement as the average inflation rate eased to 6.0 percent. The agriculture sector showed slower growth as rice and corn production decreased by 1.2 percent and 5.8 percent, respectively. On the other hand, hogs and chicken inventory rose by 5.4 percent and 4.2 percent, respectively. Mining, a sub-group of the industry sector, grew faster as metallic and selected non-metallic mineral production improved by 4.2 percent. Tourist arrivals, a contributor to the services sector, was driven by the conduct of local festivals, participation in tourism expos, and the Mayon Volcano eruption.