In 2024, Central Visayas emerged as the fastest-growing region in the Philippines, defying economic uncertainties that weighed down other parts of the country, including Metro Manila. Official reports indicate that the region’s economy expanded by 7.3 percent, making it the strongest performer among the 18 regions. This remarkable growth was primarily driven by a dynamic tourism sector that stimulated consumption and economic activity.
A Tourism Boom That Ignited Economic Expansion
Central Visayas—comprising Cebu, Bohol, Negros Oriental, and Siquijor—has long been a tourist hotspot, famed for its pristine beaches, vibrant culture, and historical landmarks. In 2024, as global travel rebounded, the region capitalized on its reputation, drawing a record number of domestic and international visitors. The influx of tourists fueled demand for accommodations, restaurants, transport services, and entertainment venues, leading to a surge in local business activity.
Additionally, the tourism sector spurred growth in related industries such as retail, real estate, and food production. Entrepreneurs and investors seized the opportunity to expand hospitality infrastructures, creating more jobs and increasing disposable incomes. This domino effect significantly contributed to the region’s rapid economic expansion.
Outpacing Metro Manila Amid Economic Challenges
While Central Visayas flourished, Metro Manila faced difficulties brought on by high inflation and rising borrowing costs. The capital region, typically the country’s economic powerhouse, grappled with tighter consumer spending and cautious corporate investments. Businesses struggled with elevated operational expenses, dampening overall economic momentum.
In contrast, Central Visayas proved to be more resilient, benefiting from a diverse economy anchored in tourism and trade, manufacturing, and technology-driven services. Cebu, the region’s urban center, continued to thrive as a logistics and outsourcing hub, reinforcing economic stability amid external uncertainties.
The Road Ahead for Central Visayas
With its remarkable growth trajectory, Central Visayas sets an encouraging precedent for regional economic development in the Philippines. Sustaining this momentum, however, requires strategic efforts to enhance infrastructure, improve accessibility, and promote sustainable tourism practices. Policymakers and business leaders must ensure that the benefits of this economic upswing extend to all sectors of society, fostering inclusive prosperity.
As the region moves forward, its success is a testament to the power of tourism-led growth and adaptive economic strategies. If the right investments and policies align, Central Visayas could continue its reign as the country’s fastest-growing region, further cementing its status as a premier destination for travelers and investors alike.
