Baguio City’s economy “doing well” in 2024

BAGUIO CITY (December 28, 2024) -- Baguio City Mayor Benjamin B. Magalong believe “things are going pretty well” with the Vacation Capital’s economy.

After the Covid-19 pandemic, Magalong said, the city’s gross domestic product (GDP) growth in 2021 was a little more than nine percent. “It then grew to 11.3 percent in 2022 then settled at nine percent in 2023 after a technical correction due to a very high baseline.”

“We are looking forward to a higher GDP growth for the city this year, 2024, considering the fact that we have more MSMEs (micro, small, and medium enterprises). We were able to issue more business permits,” Magalong said.

He added that so far this year, the amount of business permit fees collected increased by around P220 million and that there are about 600 more entrepreneurs in Baguio City as compared to last year.

“If you look at our figures last year, the city’s collection in terms of revenue is only at around P330 million. Now we are hitting about P540 million in terms of revenue derived from the business permits. So ibig sabihin, gumaganda ang ating economiya,” Magalong stressed.

He said that the number of tourist arrivals have also increased especially in November and December, even on weekdays, with many accommodation establishments reporting to be fully booked during these months.

The Mayor, citing Philippine Statistics Authority’s figures said, the city’s unemployment rate continues to be “very low”