Bicol Region: On the Way to Achieving Its Full Economic Potential

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The National Economic and Development Authority (NEDA), says the economy of the Bicol Region continued to improve in the second quarter of 2023 as manifested by a lower unemployment rate of 3.9% from 6.2% in the same quarter last year. This is even better than the Bicol Regional Development Plan 2023-2028 target of 5-6.5%. The prices situation also showed improvement as the average inflation rate eased to 6%.

A total of 950,508 tourist arrivals were recorded, driven by the conduct of local festivals and tourism expos and the Mayon eruption. Albay Governor Edcel Lagman was quoted as saying, “The number of local visitors in the past nine months has increased by 49% compared to the same period last year, whereas the number of international tourists increased by 516%.” The outlook for the rest of the year is positive for industries where tourism is a contributor.

The Place to Be is…Bicol!

Local entrepreneurs are buoyed by the increase in visitor arrivals in the region, spurred not just by the erratic status of Mayon Volcano but also by the focus being given by the government and the private sector.

The Department of Tourism-initiated caravan called, “Experience Bicol: A Tapestry of History, Tradition and Arts,” brought focus on the region with stops in Sorsogon and Albay. With the aim of equalizing economic opportunities across the regions, it highlighted must-visit places, food, local handicrafts and specialties and the warmth and hospitality of the people. This effort was welcomed by the locals as a boost to the economy and an inspiration for entrepreneurs to continue, improve and strengthen their businesses.

DOT Region 5 Director Herbie Aguas says the department hopes it can surpass the tourism receipts from 2022. “More small entrepreneurs will be helped by this endeavor because as they say, every tourist creates a job. I hope and pray that the P3.6 billion will be hit or even surpassed this year.”