Bacolod City economy grows 7.7% in 2024 slowdown

Bacolod City’s economy expanded by 7.7 percent in 2024, moderating from the 10.0 percent growth it recorded in 2023, according to the Philippine Statistics Authority (PSA).

The city’s Gross Domestic Product (GDP) reached PHP 157.37 billion in 2024, reflecting continued recovery and expansion despite a slight slowdown.

Among major industries, Human health and social work activities posted the fastest growth at 14.7 percent.

Construction followed closely with 12.4 percent growth, while Wholesale and retail trade; repair of motor vehicles and motorcycles increased by 11.24 percent.

In contrast, the Agriculture, forestry, and fishing sector declined by 2.3 percent, making it the only major industry to contract during the year.

Within the Negros Island Region, Siquijor posted the fastest GDP growth in 2024, followed by Bacolod City and Negros Oriental with 7.7 percent and 5.4 percent growth, respectively.

Two out of the four provincial and highly urbanized city economies in the region grew faster than the 5.9 percent regional GDP average.

Bacolod City also posted the highest per capita GDP in the region at PHP 251,877 in 2024.

The per capita GDP was calculated by dividing the city’s total GDP by its population, based on the 2024 Census of Population (2024 POPCEN).

Per capita GDP — or gross domestic product per person — is calculated by dividing the total value of a locality’s economic output by its population, offering a measure of average economic productivity and individual prosperity.

It provides a clearer picture of economic well-being than total GDP alone, as it adjusts for population size and enables comparisons across regions.

Comprehensive charts, full data sets, and economic visuals are available through the PSA’s Provincial Product Accounts (PPA) dashboard at psa.gov.ph/statistics/ppa and the PSA regional website rssonir.psa.gov.ph/statistics/ppa.