Economy, jobs and prices in Bicol Region (Region V), Philippines: official figures
The economy of the Bicol Region produced ₱789.4 billion of goods and services in 2025 (gross regional domestic product, GRDP, at current prices), 2.8% of the Philippine total of ₱28.01 trillion; by size it ranks 9th largest of 17 regions.
How fast is the economy of the Bicol Region growing?
GRDP at current prices in the Bicol Region grew 2.5% from 2024 to 2025 (₱770.4 billion to ₱789.4 billion), against 5.9% for the Philippines; it ranks the slowest of 17 regions for growth. This is growth in pesos and is not adjusted for price rises.
Source: Philippine Statistics Authority · saved copyHow much has the economy of the Bicol Region grown since 2018?
Between 2018 and 2025 GRDP at current prices in the Bicol Region rose from ₱522.0 billion to ₱789.4 billion, an increase of 51.2%, against 53.4% nationally. The figures are not adjusted for price rises.
Source: Philippine Statistics Authority · saved copyWhat are the main industries in the Bicol Region?
Services (trade, transport, finance, government, education, health and similar) made up 56.1% of GRDP in the Bicol Region in 2025 (₱442.5 billion), against 64.4% for the Philippines; it ranks 8th highest of 17 regions by share.
Source: Philippine Statistics Authority · saved copyHow much of the economy of the Bicol Region is industry?
Industry (manufacturing, mining, construction and utilities) made up 30.8% of GRDP in the Bicol Region in 2025 (₱243.0 billion), against 27.0% for the Philippines; it ranks 5th highest of 17 regions by share.
Source: Philippine Statistics Authority · saved copyHow important is farming in the economy of the Bicol Region?
Agriculture, forestry and fishing made up 13.2% of GRDP in the Bicol Region in 2025 (₱103.9 billion), against 8.6% for the Philippines; it ranks 7th lowest of 17 regions by share.
Source: Philippine Statistics Authority · saved copyWhat is the GDP per person in the Bicol Region?
Dividing 2025 GRDP by the 2024 census population gives about ₱130,166 of output per resident of the Bicol Region, against ₱248,470 for the Philippines; it ranks 2nd lowest of 17 regions.
Source: Philippine Statistics Authority · saved copyWhat is the unemployment rate in the Bicol Region?
The unemployment rate in the Bicol Region was 4.8% in 2023 (Labor Force Survey), against 4.4% for the Philippines; it ranks 5th highest of 17 regions for unemployment.
Source: Philippine Statistics Authority · saved copyHow has unemployment changed in the Bicol Region?
Unemployment in the Bicol Region was 5.1% in 2019, jumped to 9.5% in 2020 during the first year of the pandemic and was 4.8% in 2023; nationally the rate went 5.1%, 10.3% and 4.4%.
Source: Philippine Statistics Authority · saved copyWhat is the labour force participation rate in the Bicol Region?
61.5% of people aged 15 and over in the Bicol Region were in the labour force (working or looking for work) in 2023, against 64.9% nationally; it ranks the lowest of 17 regions.
Source: Philippine Statistics Authority · saved copyWhat is the underemployment rate in the Bicol Region?
The underemployment rate in the Bicol Region was 24.8% in 2023, meaning that share of employed people wanted more hours of work or an additional job; the national rate was 12.3% and the Bicol Region ranks 2nd highest of 17 regions.
Source: Philippine Statistics Authority · saved copyHow many working-age people are there in the Bicol Region?
The Bicol Region had 4,125,000 people aged 15 and over in 2023, the working-age population measured by the Labor Force Survey; in 2014 the figure was 3,906,500.
Source: Philippine Statistics Authority · saved copyHow many households in the Bicol Region have electricity?
92.3% of households in the Bicol Region had electricity in the 2022 National Demographic and Health Survey, against 94.8% nationally; it ranks 6th lowest of 17 regions.
Source: Philippine Statistics Authority and ICF (The DHS Program) · saved copyHow many households in the Bicol Region own a computer or refrigerator?
In 2022, 89.9% of households in the Bicol Region owned a mobile phone, 68.4% a television, 37.7% a refrigerator and 22.0% a computer; nationally the shares were 92.0%, 73.9%, 52.3% and 30.0%.
Source: Philippine Statistics Authority and ICF (The DHS Program) · saved copyHow many women in the Bicol Region use the internet?
79.2% of women aged 15 to 49 in the Bicol Region had used the internet in the past 12 months (2022 survey; national: 82.2%), and 32.3% had a bank account (national: 32.0%).
Source: Philippine Statistics Authority and ICF (The DHS Program) · saved copyHow many women in the Bicol Region are in paid work?
43.9% of women aged 15 to 49 in the Bicol Region were currently employed in 2022 (national: 44.8%); of employed women, 23.0% worked in professional, technical or managerial jobs and 6.8% in agriculture.
Source: Philippine Statistics Authority and ICF (The DHS Program) · saved copyHow Bicol Region (Region V) compares with other regions
GRDP at current prices (2025)
Bicol Region (Region V) ranks 9 of 17, highest first. The Negros Island Region, created in 2024, is not listed; Western Visayas and Central Visayas exclude Negros in this table.
| Rank | Region | GRDP at current prices |
|---|---|---|
| 6 | Northern Mindanao (Region X) | ₱1.34 trillion |
| 7 | Ilocos Region (Region I) | ₱925.0 billion |
| 8 | Western Visayas (Region VI) | ₱845.8 billion |
| 9 | Bicol Region (Region V) | ₱789.4 billion |
| 10 | SOCCSKSARGEN (Region XII) | ₱700.7 billion |
| 11 | Zamboanga Peninsula (Region IX) | ₱672.3 billion |
| 12 | Eastern Visayas (Region VIII) | ₱645.6 billion |
GRDP growth, 2024 to 2025 (at current prices, not adjusted for inflation) (2024-2025)
Bicol Region (Region V) ranks 17 of 17, highest first. The Negros Island Region, created in 2024, is not listed; Western Visayas and Central Visayas exclude Negros in this table.
| Rank | Region | GRDP growth, 2024 to 2025 (at current prices, not adjusted for inflation) |
|---|---|---|
| 11 | Central Luzon (Region III) | 5.2% |
| 12 | Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) | 4.0% |
| 13 | Eastern Visayas (Region VIII) | 3.9% |
| 14 | Zamboanga Peninsula (Region IX) | 3.8% |
| 15 | SOCCSKSARGEN (Region XII) | 3.7% |
| 16 | Cagayan Valley (Region II) | 2.6% |
| 17 | Bicol Region (Region V) | 2.5% |
GRDP per resident (2025 GRDP over 2024 census population) (2025)
Bicol Region (Region V) ranks 16 of 17, highest first. The Negros Island Region, created in 2024, is not listed; Western Visayas and Central Visayas exclude Negros in this table.
| Rank | Region | GRDP per resident (2025 GRDP over 2024 census population) |
|---|---|---|
| 11 | Caraga (Region XIII) | ₱166,740 |
| 12 | MIMAROPA Region (Region IV-B) | ₱165,791 |
| 13 | SOCCSKSARGEN (Region XII) | ₱157,009 |
| 14 | Cagayan Valley (Region II) | ₱153,436 |
| 15 | Eastern Visayas (Region VIII) | ₱139,562 |
| 16 | Bicol Region (Region V) | ₱130,166 |
| 17 | Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) | ₱59,168 |
Services share of GRDP (2025)
Bicol Region (Region V) ranks 8 of 17, highest first. The Negros Island Region, created in 2024, is not listed; Western Visayas and Central Visayas exclude Negros in this table.
| Rank | Region | Services share of GRDP |
|---|---|---|
| 5 | Davao Region (Region XI) | 60.0% |
| 6 | Northern Mindanao (Region X) | 57.1% |
| 7 | MIMAROPA Region (Region IV-B) | 56.6% |
| 8 | Bicol Region (Region V) | 56.1% |
| 9 | Caraga (Region XIII) | 55.4% |
| 10 | Ilocos Region (Region I) | 54.5% |
| 11 | SOCCSKSARGEN (Region XII) | 53.6% |
Unemployment rate (2023)
Bicol Region (Region V) ranks 5 of 17, highest first. Western Visayas and Central Visayas still include Negros in this source.
| Rank | Region | Unemployment rate |
|---|---|---|
| 2 | CALABARZON (Region IV-A) | 5.4% |
| 3 | Northern Mindanao (Region X) | 5.3% |
| 4 | Ilocos Region (Region I) | 5.0% |
| 5 | Bicol Region (Region V) | 4.8% |
| 6 | Central Luzon (Region III) | 4.2% |
| 7 | Western Visayas (Region VI) | 4.1% |
| 8 | Eastern Visayas (Region VIII) | 3.8% |
Labour force participation rate (age 15 and over) (2023)
Bicol Region (Region V) ranks 17 of 17, highest first. Western Visayas and Central Visayas still include Negros in this source.
| Rank | Region | Labour force participation rate (age 15 and over) |
|---|---|---|
| 11 | Davao Region (Region XI) | 64.2% |
| 12 | Western Visayas (Region VI) | 63.9% |
| 13 | Eastern Visayas (Region VIII) | 63.8% |
| 14 | MIMAROPA Region (Region IV-B) | 63.6% |
| 15 | CALABARZON (Region IV-A) | 63.4% |
| 16 | National Capital Region (NCR) | 62.4% |
| 17 | Bicol Region (Region V) | 61.5% |
Underemployment rate (2023)
Bicol Region (Region V) ranks 2 of 17, highest first. Western Visayas and Central Visayas still include Negros in this source.
| Rank | Region | Underemployment rate |
|---|---|---|
| 1 | SOCCSKSARGEN (Region XII) | 25.3% |
| 2 | Bicol Region (Region V) | 24.8% |
| 3 | MIMAROPA Region (Region IV-B) | 20.4% |
| 4 | Eastern Visayas (Region VIII) | 17.3% |
| 5 | Caraga (Region XIII) | 16.2% |
| 6 | CALABARZON (Region IV-A) | 14.7% |
| 7 | Cordillera Administrative Region (CAR) | 14.4% |
Households with electricity (2022)
Bicol Region (Region V) ranks 12 of 17, highest first. Western Visayas and Central Visayas still include Negros in this source. Survey estimate with a margin of error.
| Rank | Region | Households with electricity |
|---|---|---|
| 9 | Caraga (Region XIII) | 94.8% |
| 10 | Northern Mindanao (Region X) | 94.1% |
| 11 | Davao Region (Region XI) | 92.7% |
| 12 | Bicol Region (Region V) | 92.3% |
| 13 | Central Visayas (Region VII) | 91.8% |
| 14 | MIMAROPA Region (Region IV-B) | 90.5% |
| 15 | Zamboanga Peninsula (Region IX) | 90.0% |
Households owning a computer (2022)
Bicol Region (Region V) ranks 11 of 17, highest first. Western Visayas and Central Visayas still include Negros in this source. Survey estimate with a margin of error.
| Rank | Region | Households owning a computer |
|---|---|---|
| 8 | Central Visayas (Region VII) | 24.0% |
| 9 | MIMAROPA Region (Region IV-B) | 23.0% |
| 10 | Davao Region (Region XI) | 23.0% |
| 11 | Bicol Region (Region V) | 22.0% |
| 12 | Caraga (Region XIII) | 22.0% |
| 13 | Western Visayas (Region VI) | 21.0% |
| 14 | Northern Mindanao (Region X) | 21.0% |
More on Bicol Region (Region V): overview · health · education and schools · poverty and living standards · government budget · the Philippines
Sources
- Philippine Statistics Authority and ICF (The DHS Program): 2022 Philippines National Demographic and Health Survey: selected national and regional indicators (DHS Program API), read 23 October 2026 · saved copy (SHA-256 401a0e9d6912…)
- Philippine Statistics Authority: Gross Regional Domestic Product at Current Prices, by Region, Major Industry: 2018 to 2025 (OpenStat table 0052B5BGRP0, CSV export; values in thousand pesos), read 23 October 2026 · saved copy (SHA-256 0424b0ab102c…)
- Philippine Statistics Authority: Philippine Statistical Yearbook, Table 11.1: Total Population 15 Years Old and Over by Employment Status and Region, 2014 to 2023 (Labor Force Survey; OpenStat table, CSV export), read 23 October 2026 · saved copy (SHA-256 a991f0e2dc46…)
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