Baguio City achieved a 5.8-percent economic growth in 2024, down from 9.0 percent in 2023, according to the Philippine Statistics Authority (PSA). Despite the slowdown, Baguio remained the fastest-growing economy in the Cordillera Administrative Region (CAR), contributing 47.3 percent to the region’s Gross Regional Domestic Product of PHP378.26 billion.
The city’s Gross Domestic Product (GDP) reached PHP178.85 billion in 2024, up from PHP169.02 billion in 2023 and PHP155.11 billion in 2022. The services sector accounted for 74.9 percent or PHP133.97 billion, while the industry sector contributed 24.6 percent or PHP44.06 billion.
Benguet’s economy grew by 5.0 percent in 2024, slightly lower than its 5.1-percent growth in 2023, with a GDP of PHP86.91 billion. At a forum, Department of Economy, Planning and Development Assistant Regional Director Jose Dado Jr. noted that while other CAR provinces like Abra, Apayao, Ifugao, Kalinga, and Mountain Province showed slower growth, they are still progressing. “The Regional Development Council has come up with measures to spread progress to the rural areas to encourage people to stay put and not move to the urban areas,” Dado said.