The economy of the Bicol Region showed slower growth in the third quarter of 2023. The unemployment rate increased to 6.2 percent from 3.9 percent in the previous quarter. Even though it is within the Bicol Regional Development Plan (RDP) 2023-2028 target of 5.0-6.5 percent, the region posted the highest unemployment rate among regions for this quarter. Moreover, the average inflation rate of 4.9 percent in the third quarter was higher than the Bicol RDP target of 2-4 percent, despite maintaining a declining trend from 8.1 percent in the first and 6.0 percent in the second quarter. Mining, a sub-group of the industry sector and a major contributor to the Gross Regional Domestic Product, remained strong as metallic and selected non-metallic mineral production increased by 14.1 percent compared to the same quarter in 2022. The agriculture sector declined as rice and corn production decreased by 1 percent and 7.1 percent, respectively. Pork inventory increased by 0.9 percent, while chicken inventory increased by 18.8 percent. Tourist arrivals, a growth contributor to the services sector, were driven mainly by the celebration of the Peñafrancia Festival and participation in tourism expos.