Caraga: Caraga’s employment rate rose to 96.1 percent in 2024, an increase from 95.9 percent in 2023, according to the Caraga Regional Development Report 2024 released Thursday. The Regional Development Council (RDC-13) and the National Economic and Development Authority (NEDA-13) report also highlighted a decline in the region’s unemployment rate, which fell from 4 percent in 2023 to 3.9 percent in 2024. Underemployment also decreased significantly, dropping from 19.6 percent to 15.9 percent over the same period.
According to Philippines News Agency, Caraga’s improving employment landscape was driven by economic expansion, with the region’s Gross Regional Domestic Product (GRDP) growing by 4.9 percent in 2023, reaching PHP339.6 billion. The report noted that the services sector remained the primary driver of Caraga’s economy, contributing 55.6 percent of the region’s total output. The industry sector followed with a 33.4 percent share, while the agriculture, forestry, and fishing sector accounted for 11.0 percent.
Meanwhile, regional inflation slowed to 2.7 percent in 2024, a significant drop from 5.6 percent in 2023. The report attributed this to a slower increase in prices for housing, utilities, and fuel, as well as alcoholic beverages and tobacco. However, costs continued to rise in food, non-alcoholic beverages, recreation, sports, and culture, which contributed to inflationary pressures.
Caraga also recorded an increase in tax and local revenue collections last year, supported by enhanced tax policies and legislative reforms. The Bureau of Internal Revenue (BIR) Region No. 17 reported that as of the third quarter of 2024, tax collections had reached PHP7.78 billion, exceeding the PHP7.38 billion collected in 2023. The report noted that income taxes accounted for the largest share at 50.3 percent, followed by value-added taxes at 36.4 percent. Other taxes contributed 8.0 percent, while percentage taxes and excise taxes made up 2.9 percent and 2.4 percent, respectively.
In addition, the Bureau of Local Government Finance recorded an 11.2 percent increase in locally sourced revenues, rising from PHP4.1 billion in 2023 to PHP4.5 billion in 2024. RDC-13 Chair and Dinagat Islands Governor Nilo Demerey Jr. described 2024 as a milestone year for Caraga’s socioeconomic transformation, highlighting the region’s ability to overcome global uncertainties and local challenges. ‘Caraga has demonstrated resilience and determination, building on the gains of the previous year,’ Demerey said in the report.
