Cordillera recorded 4.8% economic growth in 2024; financial and insurance services were top contributors

Baguio City, Philippines - A reflection of the region’s continued resilience and improving economic landscape, a 4.8 percent increase in economic growth was recorded in Cordillera in 2024, with financial and insurance services as the primary contributor to the growth.  

According to the Philippine Statistics Authority’s (PSA) data, Cordillera’s economic output grew from P360.90 billion in 2023 to P378.26 billion in 2024, which shows the region’s steady recovery and expansion across key areas. 

However, the gross domestic product (GDP) of the region in 2024 grew at a slower pace than the previous year. 

The biggest contributor to the region’s economic growth was the financial and insurance services sector, which added 1.1 percentage points to the region’s overall economic increase. This means that banks and insurance companies have an important role in driving the region’s economy as they are the ones building trust among investors.

Other strong sectors included wholesale and retail trade, motor vehicle and motorcycle repair, and business services. These sectors contributed 0.9 and 0.7 percentage points, respectively.  

Additionally, the region saw a 22.9 percent increase in the import of goods and services, which means that Cordillerans are spending more and that the region is becoming more active in both domestic and international trade. It is followed by government final consumption expenditure (GFCE) and household final consumption expenditure (HFCE) with 7.6 percent and 5.0 percent growth, respectively. 

The region's per capita HFCE was projected to be P144,230 in 2024. This indicates that, on average, each household member spent P144,230 for the final consumption of goods and services, which encompasses the acquisition of consumer goods and services, barter exchanges, in-kind goods and services, and items produced and consumed by the same person.

The per capita HFCE of CAR in 2024 rose by 3.8 percent compared to P 138,911 in 2023.