Eastern Samar fastest-growing province in 2024

EASTERN SAMAR posted double-digit growth last year, making it the fastest-growing province, the Philippine Statistics Authority (PSA) said on Monday.

In 2024, all 82 Philippine provinces and 33 highly urbanized cities (HUCs) posted growth, with Eastern Samar’s economy growing 10.2% to P40.42 billion in gross regional domestic product, the PSA said in its Provincial Product Accounts (PPA) report.

Meanwhile, Puerto Princesa grew the fastest among HUCs, posting 9.8% growth last year.

“All provinces and HUCs show sustained positive economic performance,” Economy Undersecretary Carlos Bernardo O. Abad Santos said during the National Dissemination Forum on the 2024 Economic Performance of Provinces and Highly Urbanized Cities.

“Provinces with no major cities had (the) highest growth, (such as) Eastern Samar, Batanes, Dinagat, (which) may indicate positive rural development strategies,” he added.

Meanwhile, Quezon City accounted for a 6% share of 2024 gross domestic product (GDP) equivalent to P1.327 trillion in economic output.

Among provinces, Laguna had the top share of GDP last year at 4.9% or P1.081 trillion.

According to the PPA, 17 regions relied mainly on services for their growth, while one was mainly industrial. None of the regions has a predominantly agricultural economic structure.

“Agriculture requires further modernization and resilience measures,” the Department of Economy, Planning, and Development said, adding that agri-fishery value chains should be strengthened.

During the forum, Mr. Abad Santos also urged the PSA to release the PPA faster next year to help facilitate budget planning for local government units.

“As an important tool for policy analysis, the PPA allows us to measure policy effectiveness, see what’s working, and recalibrate strategies as needed,” he added. “And for risk management and resilience, it helps us in understanding sectoral dependence and helps us spot vulnerabilities and design strategies to make local economies more resilient.”

Assistant National Statistician Mark C. Pascasio said the PSA disseminated the PPA to various regional offices between Sept. 25 and Oct. 16. For next year, it aims to release the data by Aug. 28. 

The PPA will now be conducted and issued annually, following its institutionalization earlier this year. — Katherine K. Chan