The economy of CALABARZON accelerated by 5.6 percent in 2024 compared to the 5.2 percent growth in 2023. The main contributor to CALABARZON’s economic growth was Manufacturing, which contributed 1.5 percentage points.

The top three fastest growing industries were: Financial and insurance activities with 13.0 percent; Human health and social work activities with 12.8 percent, and Public administration and defense; compulsory social security with 11.7 percent. Conversely, Agriculture, forestry, and fishing (AFF) declined by 0.7 percent, the only industry which recorded a contraction in 2024. (Figure 1)

CALABARZON was the only region in the country that was predominantly industrial. Among the major economic sectors of the region, Industry had the largest share with 49.0 percent. This was followed by Services with 46.8 percent share and AFF with 4.2 percent share.

Of the 5.7 percent growth of Philippines’ GDP in 2024, CALABARZON contributed 0.8 percentage point, the second highest among the 18 regions. Moreover, the region remained second in terms of share, accounting for 14.7 percent of the national GDP.

CALABARZON’s Government final consumption expenditure records highest growth in 2024

Among the major expenditure items, Government final consumption expenditure recorded the highest growth of 6.5 percent in 2024. It was followed by Household final consumption expenditure at 5.2 percent and Exports of goods and services to the rest of the world at 
3.8 percent. On the other hand, Gross capital formation declined by 2.1 percent. (Figure 2)

The per capita HFCE of the region was estimated at PhP 159,767, which grew by 4.0 percent from PhP 153,645 in 2023.  It was higher by 11.9 percent than the national level, which was estimated at PhP 142,837. (Figure 3)

[SGD]
CHARITO C. ARMONIA
Regional Director