Benguet’s economy grew by 5.1 percent in 2023 from its 2022 level, equivalent to an increase of around PhP 4.01 billion to the province’s total Gross Domestic Product (GDP), from PhP 78.78 billion in 2022 to PhP 82.79 billion in 2023. The increase was mainly driven by Services which contributed 63.2 percent.

Among the 16 industries, the biggest contributors to the province’s economy were recorded in Wholesale and retail trade; repair of motor vehicles and motorcycles with 16.3 percent, followed by Agriculture, forestry, and fishing with 15.0 percent, and Financial and insurance activities with 12.8 percent. Additionally, the fastest growths were observed under Services with 
Other services at 46.3 percent, Accommodation and food service activities at 25.9 percent, and Transportation and storage at 17.7 percent. (Table 1)

Table 1. Economic Performance of Benguet, by Industry

At Constant 2018 Prices

_{Source: Philippine Statistics Authority}

In the Cordillera Administrative Region, Benguet was the second largest economy, contributing 22.9 percent of the Gross Regional Domestic 
Product (GRDP), estimated at PhP 361.08 billion in 2023. The City of Baguio was the largest, with 46.8 percent share. (Figure 1)

Figure 1. Gross Regional Domestic Product, by Province/HUC

In Terms of Share to GRDP (in Percent)

At Constant 2018 Prices, 2023

_{Source: Philippine Statistics Authority}

The Provincial Product Accounts (PPA) has been the mechanism of the Philippine Statistics Authority (PSA) to compile the annual estimates of GDP by province and Highly Urbanized City (HUC), consistent with the National and Regional Accounts of the Philippines.  In 2024, all provinces and HUC of the Cordillera Administrative Region continue to implement the PPA since its inception in 2022, together with other regions. As of 2024, there are a total of 82 provinces and 33 HUCs compiling the PPA.

Full data series, charts, and data visuals of the results of the Provincial Product Accounts of the Benguet can be accessed at the PPA landing page of the Philippine Statistics Authority (psa.gov.ph/statistics/ppa), and the PSA Regional website (rssocar.psa.gov.ph/ppa).

IMELDA L. BUYUCCAN (SGD)

Chief Statistical Specialist