Bicol Region's economic performance showed slower growth in the second quarter of 2024. Despite a positive development in the underemployment rate, which decreased by 3.8 percentage points compared to the same period in 2023, unemployment rate increased to 5.4 percent from 3.9 percent. This rise, although still within the target range of 5.0-6.5 percent outlined in the Bicol Regional Development Plan (RDP) 2023-2028, marked the region with the highest unemployment rate among all regions. Furthermore, the region experienced a slower economic expansion reflected in the uptick of the average inflation rate to 4.0 percent, reversing its previous downward trend from second quarter of 2023 up to the first quarter of 2024.
The agriculture sector continued to face negative impacts from the El Niño phenomenon, which became less active towards the end of the quarter. However, the Department of Agriculture (DA) Region 5 has maintained its efforts to mitigate these impacts since the first quarter. Meanwhile, the favorable weather conditions helped improve the services sector, as tourist arrivals improved with the celebration of multiple festivals in the region, such as Rodeo in Masbate, Magayon in Albay, and Abaca in Catanduanes, among others. The industry sector, particularly mining, had a significant growth of 8.3 percent, with an increase in the production value of metallic minerals such as gold and silver.