Strong trade sectors drive Albay’s 5.5% economic rise

By Sally Atento-Altea

LEGAZPI CITY, Albay --- Albay’s economy expanded by 5.5 percent in 2024, driven mainly by strong performance in the financial, trade, and construction sectors, according to the Philippine Statistics Authority (PSA).

During the recent Provincial Product Accounts Dissemination Forum, PSA Albay Chief Cecil Brondial reported that the province’s Gross Domestic Product (GDP) grew from P153.66 billion in 2023 to P162.17 billion in 2024.

“As of 2024, our Provincial Product Account reached 5.5 percent,” Brondial said, highlighting the province’s steady recovery and continued economic growth.

Financial and insurance activities contributed 1.5 percent to the overall expansion. Wholesale and retail trade, including the repair of motor vehicles and motorcycles, added 1.2 percent. The construction sector accounted for 0.9 percent of the growth.

The top three fastest-growing industries in 2024 were Financial and insurance activities, which rose by 15.5 percent; Transportation and storage, up by 13.9 percent; and Accommodation and food service activities, which grew by 11 percent.

Brondial said the province’s economic gains point to a healthier local economy that can create more jobs and improve public services.

“As GDP rises, it can create more jobs because it indicates that our economy is healthy,” she said. “It can also lead to the development of infrastructure and better delivery of public services such as health and education,” she added.

Jessica Atento, unit manager at the Albay branch of AXA Philippines insurance company, welcomed the expansion of financial and insurance activities as good news.

“It’s good news. It indicates that people are becoming more aware of the importance of long-term financial planning. With insurance, they are not just saving. They are also investing toward their goals and protecting themselves and their loved ones from health risks and financial uncertainties,” she said.

Senen Briones, information officer at the Department of Trade and Industry–Albay, said that e-commerce activities may have contributed to the increase in financial transactions, as more consumers are now using digital platforms for their financial activities.

Among Bicol’s six provinces, Albay ranked second in regional GDP contribution in 2024, following Camarines Sur, with Sorsogon, Masbate, Camarines Norte, and Catanduanes trailing behind. (Raiza Lucido contributed to this report/PIA Bicol/Albay)