Baguio: This city posted a 5.8-percent growth in 2024, slower than the 9.0-percent growth posted in the previous year, the Philippine Statistics Authority (PSA) said Tuesday. “Despite this, Baguio City remained to be the fastest growing economy among all provinces and Highly Urbanized City in the [Cordillera Administrative Region],” the PSA said in a statement.
According to Philippines News Agency, the city contributed 47.3 percent of CAR’s Gross Regional Domestic Product, estimated at PHP378.26 billion. The PSA also said Baguio City’s gross domestic product (GDP) in 2024 was estimated at PHP178.85 billion, up from PHP169.02 billion in 2023 and PHP155.11 billion in 2022.
The services sector contributed 74.9 percent or PHP133.97 billion, while the industry sector chipped in 24.6 percent or PHP44.06 billion, it said. Meanwhile, Benguet’s economy recorded a 5.0-percent growth in 2024, with its GDP estimated at PHP86.91 billion. Benguet’s 2024 growth rate was slower than the 5.1-percent growth posted in 2023, the PSA said.
At a forum here, Jose Dado Jr., officer-in-charge assistant regional director of the Department of Economy, Planning and Development (DepDev), said CAR’s economy is concentrated in Baguio City. He said that while other provinces-Abra, Apayao, Ifugao, Kalinga, and Mountain Province-posted slower growth rates, they still continue to grow, signifying hope for rural development.
“The Regional Development Council has come up with measures to spread progress to the rural areas to encourage people to stay put and not move to the urban areas,” Dado said.
