Bicol Region's economic performance slightly improved in the third quarter of 2024 manifested by a lower inflation rate of 3.8 percent from 4.0 percent in the previous quarter. This is within the target range of 2.0-4.0 percent outlined in the Bicol Regional Development Plan 2023-2028. Moreover, the employment rate slightly increased by 0.2 percentage points to 94 percent while the underemployment rate declined by 1.3 percentage points to 21.2 percent as compared to the same period last year.
The industry sector, particularly mining, had a 29.2 percent increase in the production value of metallic minerals such as gold and silver. Tourism contributed to the growth in the services sector with the celebration of the Peñafrancia Festival, sports events, and expos. Meanwhile, the agriculture sector continued to face challenges caused by Super Typhoon Enteng, and high recurrence of African Swine Fever (ASF).