BY NAPOLEON OLASO & JIM CARLO BUTON | UM Interns
DAVAO REGION’S economy expanded by 6.3 percent in 2024, bringing its total value to ₱1.08 trillion, according to the Philippine Statistics Authority (PSA) during a regional news conference on April 22.
The region’s growth was slightly slower than the 6.7 percent posted in 2023 but still placed Davao as the fourth fastest-growing economy in the country and the fifth largest, contributing 4.9 percent to the national output.
Economic performance was driven by industry and services, which posted 9.1 percent and 6.8 percent growth, respectively. However, the agriculture sector contracted by 0.4 percent, impacted by typhoons, El Niño, and disease outbreaks such as African swine fever.
The construction sector led the growth among industries at 15.5 percent, followed by transportation and storage (10.5%), and professional and business services (10.3%). Construction, retail trade, and finance were the top contributors to regional GDP growth.
Per capita gross regional domestic product (GRDP) rose by 5.3 percent, reaching ₱198,559, while per capita household consumption increased by 4.3 percent to ₱126,416.
“This growth brings us a step closer to the change we desire in the lives of our countrymen, which is driven by the impact of well-informed plans and policies shaped by these indicators,” said Randolph Anthony B. Gales, PSA Region XI officer-in-charge.
NEDA XI regional director Priscilla R. Sonido said the region remains economically solid despite setbacks. “A growth rate of above 6% still strongly suggests regional growth remains robust and continues to exhibit solid economic fundamentals,” she said.
Davao Region aims to sustain its growth as a key economic hub through strategic investments, inclusive development, and stronger government-private sector collaboration.
