Bohol’s Local Economy
Economic Growth
Bohol’s post-pandemic economic performance reflects a robust recovery trajectory. In 2022, the province recorded a growth rate of 7.0%, translating to Php 171.08 billion. This growth trajectory sustained into the following year with a 6.6% increase, bringing the total economic output to Php 182.41 billion. The figure indicates a stable upward trend, underscoring the province’s resilience and the effectiveness of its economic revitalization strategies.
GROSS DOMESTIC PRODUCT OF BOHOL
In terms of Levels (in Billion PhP) and Growth Rates, At Constant 2018 Prices: 2021 to 2023
Percentage Share of 2022 Gross Regional Domestic Product of Central Visayas by Province/Highly Urbanized Cities, at Constant 2018 Prices, 2023
- Bohol is the 3rd Largest Economy in the Region
In 2023, Bohol contributed 13.2% to Central Visayas Gross Regional Domestic Product (GRDP), making it the third largest contributor in the region. The region’s highly urbanized cities accounted for 43.1% of GRDP, while the combined contributions of Cebu, Negros Oriental, and Siquijor totaled 43.6%. Bohol’s share of the GRDP amounted to PhP 182.41 billion out of the total PhP 1.38 trillion.
Source: Philippine Statistics Authority, 2023
Major Industries
Share of Major Industries to the Economy of Bohol At Constant 2018 Prices, in Percent, 2023
2022 – 171.1 Billion Php
2023 – 182.41 Billion Php
In terms of the major industries in the economy of Bohol in 2023, the Services sector held the largest share of Bohol’s economy, accounting for 73.6%, a slight decrease of 0.4 percentage point from the previous year. The Industry sector followed with a 14.7% share, up by 0.4 percentage point compared to 2022. In contrast, Agriculture, Forestry, and Fishing remained at 11.7% share.
Share of Services At Constant 2018 Prices, in Percent, 2022
In 2022, Wholesale and retail trade, and Repair of motor vehicles and motorcycles remained the largest contributor to the Services sector. This was followed by Financial and Insurance activities, Real estate and ownership of dwellings, and Education. Together, these sectors accounted for 73.8% of the Services sector, which is 2.9% less than the previous year. The remaining share of the Services sector totaled 26.0%, an increase of 2.6% from 2021. Bohol’s Service Industry is now valued at PhP 126.7 billion, marking an 8.8% increase from the previous year.
Share of Industry At Constant 2018 Prices, in Percent, 2022
Construction remained the largest industry in Bohol for 2022, an increase of 4.5% from the previous year to reach 48.95%. Manufacturing followed at 41.2%, though it saw a reduction of 3.2% from the previous year. The industries of electricity, steam, water, and waste management, as well as Mining and Quarrying, accounted for 6.29% and 4.19%, respectively, each with a slight decline of 0.42% and 0.11%, respectively.
Source: Philippine Statistics Authority, 2023
Banking Sector
Bohol’s banking sector has been relatively stable, with increasing amount of total annual bank deposits post-pandemic. The highest total bank deposits posted was in 2024 at PhP 79.9 billion.
Government and Private Commercial Banks
Thrift/ Savings/ Mortgage Banks
