Bohol’s Local Economy
PROVINCIAL GROSS DOMESTIC PRODUCT
In 2024, Bohol’s economy expanded by an impressive 8.8%, contributing ₱198.29 billion to the Gross Regional Domestic Product (GRDP) and accounting for 15.5% of Central Visayas’ total economy. This solid performance firmly sustains Bohol’s position as the third-largest economy in the region. Bohol’s economic growth outpaced the regional average of 7.3%, making it the fastest-growing economy in Central Visayas. This strong performance underscores the province’s dynamic and resilient local industries, growing investment climate, and expanding market potential.
According to the Philippine Statistics Authority (PSA), Bohol’s economic surge has also placed it among the top-performing local economies nationwide, ranking as the 6th fastest-growing economy among the 82 provinces and 33 highly urbanized cities across the Philippines.
PROVINCIAL GDP, 2022-2024
at Constant 2018 Prices, in Billion Php
2024 SHARE TO REGIONAL GDP
- Bohol is the 6th Fastest Growing Economy in the Country
2023-2024 GDP GROWTH RATE
- 1st Fastest-Growing Economy in Central Visayas (P198.29 Billion)
Source: Philippine Statistics Authority, 2023
Major Industries
Share of Major Industries in the Economy of Bohol At Constant 2018 Prices, in Percent, 2024
Bohol’s economic performance in 2024 was primarily driven by the Services sector, which accounted for 73.4% of the province’s total output, reflecting its dominant role in the local economy despite a slight decline of 0.2 percentage points from the previous year. The Agriculture, Forestry, and Fishing sector contributed 11.9% to the provincial economy, posting a modest increase of 0.2 percentage points, underscoring the sector’s steady productivity and continued importance in supporting food security and rural livelihoods.
Meanwhile, the Industry sector maintained its 14.7% share of the economy, indicating sustained industrial and construction activities across the province. Overall, these sectoral movements demonstrate the resilience and balanced structure of Bohol’s economy, which expanded to nearly ₱200 billion in 2024, supported by robust service-based growth and stable contributions from agriculture and industry.
2023
2024
Finance Sector
Bohol’s banking sector has demonstrated steady growth over the past five years, reflecting the province’s expanding economic activity and financial engagement. In 2024, total annual bank deposits reached ₱79.92 billion, surpassing the previous year’s ₱77.86 billion.
This growing pool of deposits indicates a productive and liquidity-rich local economy, providing opportunities for investment, lending, and business expansion. The trend also points to a high rate of household savings and increasing financial inclusion across the province, highlighting Bohol’s evolving financial landscape and its readiness to support both private and public sector initiatives.
Thrift/ Savings/ Mortgage Banks
