BOHOL’s economy has fared well as the accommodation/food services sector got the lion’s share with 53.6% while the agriculture sector still lags behind with 11.7% despite the fact that Bohol is considered as the bread basket of region seven.
The accommodation is followed by transportation/storage industry and other services with 47.6% and 34%, respectively. All the industries combined worth reached P126.67 billion, according to data presented by Atty. John Vistal, Provincial Planning Officer, during the full council meeting of the Regional Development Council presided over by Gov. Aris Aumentado recently.
Accommodation is apparently related to tourism industry with the so-called “Revenge Travel” with an increase of 198% tourist arrivals generating an estimated P7.3 billion in 2022 receipts.
For instance, visitors of the world-famed Chocolate Hills located in barangay Buenos Aires, Carmen town, made the town’s collection surpassed its target of P30 million as of mid-year (2023), officials here said.
The projection of the (tourism) industry is to hit a million visitors this year from 535,603 in 2022 and 179,781 in 2021 and 177,341 in 2020. The low turnout of the tourist arrivals may be blamed to pandemic that restricts travels around the world.
Maybe, Bohol is in the pink of economic health based on its Gross Domestic Product, which refers to the total products and services produced, placed at P171 billion in 2022. The per capita refers to individual income at P123,742.00 annually.
The inflation rate is pegged at 5.0%, down from 10.3% in Jan. 2023. The lowest was 4.2% in July this year.
In terms of employment, Bohol posted a whopping 93.5% of 597,429 labor force employed in 2021 higher than 91.3% a year prior. The unemployment is estimated at 6.5% and 16.6% of the labor force is considered underemployed.
This may reflect on the medium, small enterprises’ investment of P11 billion employing some 31,590.
Other big business investments posted P9.7 billion in 2022 and creating new job opportunities of 2,982. There are 205 new corporations and partnerships with paid-up capital of P376 million in 2022, surging to 52% from a year prior.
Boholanos in general are frugal as shown in bank deposits. Banking industry data showed that P66.38 billion bank deposits, with an average increase of 10% annually for the last three years.
Bank deposits has grown from P45.98 billion in 2017; P50.93B in 2018; P54.16 B in2018; P54.16 billion in 2019; P59.23 billion in 2020; and P66.38 billion in 2021.
The poverty incidence among the populace of the province is now at (estimated) 23.8%. It means that 23 of every 100 Boholanos had income below the amount to buy basic food and non-food needs. The poverty rate is very much lower than 50.20% in 2000. (ricobedencio@yahoo.com)
