CITY OF MALOLOS, Bulacan (PIA)- The economy of Bulacan has sustained its growth in the last four years, and remains the largest economy among the provinces in Central Luzon.
Philippine Statistics Authority (PSA)-Bulacan confirmed this development at the Provincial Product Accounts Dissemination Forum held in the Kamistisuhan District in the City of Malolos, Bulacan.
PSA Bulacan Chief Statistics Specialist Elmor Barroquillo said, the P675 billion economy of Bulacan grew by 7.0% Gross Domestic Product (GDP) in 2024. This is higher than the 5.6% posted in 2023, 8.6% in 2022, which is the highest, and 6.7% in 2021
The current economic growth of the province was fueled by strong industries such as construction, manufacturing, wholesale and retail trade and the vast repair shops for vehicles and motorcycles. It secured and created around 1.6 million jobs, with a GDP per capita of P174,000 annually.
Construction was the major contributor to Bulacan’s GDP growth, while manufacturing had the largest share.
Barroquillo attributed the huge contribution of the construction industry to the government’s infrastructure spending on big-ticket infrastructure projects such as the North-South Commuter Railway (NSCR) Project. The stations along Meycauayan to Malolos section entered its final stage, while the Malolos to Calumpit section is now in full blast.
Bulacan is also home to a fabrication facility for the concrete tunnel for the East Avenue, Quezon City to Ortigas, Mandaluyong City section of the Metro Manila Subway Project Phase 1. Those major railway projects have contributed 14.4% to the construction sector.
Corporate spending on the construction of expanded and new businesses posted 39%. It was attributed to the massive investments poured into Bulacan in the areas of manufacturing, renewable energy, real estate and tourism. The biggest contribution that boosts the construction industry is the housing sector at 45%.
The manufacturing sector grew 30.6% which was also a result of the robust construction industry. For instance, the Steel Asia Manufacturing Plant in Bulacan continues to receive bulk orders to supply steel in various tollway projects across the country.
Department of Trade and Industry (DTI) Secretary Cristina Roque recently visited its plant in Meycauayan, Bulacan to emphasize the importance of the Philippine Standard quality certification in ensuring safe and quality steel products.
Barroquillo also counted the strong production of the micro, small and medium enterprises (MSMEs), especially those that are successful in operating their shared-service facilities (SSF). It helps supply the wholesale and retail trade, which is another driver of economic growth in Bulacan.
These boost consumer spending, like the continuous investment and expansion of Cosco Capital Inc., such as the opening of two huge S&R Membership Shopping in the cities of Malolos and Baliwag. Retail also feels even in the barangays through the numerous establishments of Tindahan ni Aling Puring by Puregold Price Club.
PSA Data shows that record sales of cars and motorcycles at more than 400,000 units combined in 2024 make repair shop businesses flourish.
This strong economic growth in the provinces has created and secured the jobs of 1.68 million Bulakenyos. Per capita GDP was P174,248 recorded in 2024 or the average annual income of a Bulakenyo who has been regularly working at the age of 15 above.
On the part of the Provincial Government of Bulacan, Provincial Planning and Development Office Officer-In-Charge Randy Po has welcomed the results that the outcome of the provincial product accounts results, were aligned with the targets.
He reiterated the provincial government’s commitment to continuing to aggressively spearhead investment promotions, increase agricultural productivity and set a clear roadmap for the utilization of the mining industry.
Meanwhile, to ensure that the economic growth will not be hampered by the current issues on defective infrastructure projects, Governor Daniel R. Fernando has created a local fact-finding team to conduct its own audit of all infrastructure projects implemented by the Department of Public Works and Highways (DPWH) in Bulacan.
