BY GEROME DALIPE IV
ILOILO City – Western Visayas was the second fastest-growing regional economy in the country last year, the Philippines Statistics Authority (PSA) announced yesterday.
The economy of Region 6, which comprised the provinces of Aklan, Antique, Capiz, Guimaras, Iloilo, and Negros Occidental, grew by 7.2 percent in 2023. This translated to the total value of the region’s economy at P1.024 trillion.
During the press briefing on the economic performance of Western Visayas for 2023, Nelida Amolar, PSA Region 6 officer-in-charge, also reported that Western Visayas topped the regional economies with a 6.5 percent per capita growth rate.
On the other hand, Central Visayas posted the fastest growth at 7.3 percent in 2023, while the Ilocos Region was third at 7.1 percent.
These three regions exhibited higher growths than the national level growth rate.
Engr. Arecio Casing, National Economic and Development Authority (NEDA) regional director, said Western Visayas remained service sector-driven based on the Gross Regional Domestic Product (GRDP),
It covered the largest share at 62.7 percent with P770.7 billion, followed by the industry sector at 21.6 percent with P220.9 billion, and agriculture, forestry, and fishing at 15.7 percent with P161.3 billion.
But Casing stressed that Western Visayas needed to intensify its efforts for GRDP to maintain the trillion mark.
“The whole-of-society, whole-of-nation approach espoused in Western Visayas Regional Development Council 2023-2028, saw the collaborative efforts and achievements of the major players in the region be it from the regional line agencies, local government units, and private sectors,” said Casing.
Gross Capital Formation in Western Visayas posted the fastest growth at 12.9 percent, followed by CALABARZON at 9.65 percent, and Cagayan Valley at 9.58 percent.
Household spending in Western Visayas grew by 5.8 percent in 2023. The 2023 growth, however, was a bit slower compared to the 9.3 percent recorded in 2022.
Exports of goods and services to the rest of the world grew the fastest at 13.2 percent. This was followed by gross capital formation which grew by 12.2 percent.
The region experienced significant growth in various sectors including accommodation and food service, transportation and storage, construction, public administration, and defense, among others.
But the same sectors in the region such as agriculture, forestry, and training slowed down the region’s economic expansion.
Western Visayas shared 4.9 percent of the national gross domestic product among 17 regions in the country.
It topped the regional economies with a 6.5 percent per capita growth rate.
Ilocos Region followed Region 6 at 6.4 percent, Central Visayas at 6.15 percent, and Cordillera Administrative Region at 6.14 percent.
In the regional performance for Services in 2023, the National Capital Region (NCR) registered the biggest share at 41.4 percent.
This was followed by CALABARZON and Central Luzon at 10.8 percent and 8.3 percent, respectively.
On the share of each region to the whole Industry, CALABARZON constituted the largest share at 25.0 percent, followed by NCR, 18.6 percent; and Central Luzon, 16.0 percent.
In the agriculture, forestry, and fishing (AFF) sectors, Central Luzon topped the share at 13.9 percent, followed by Northern Mindanao and Western Visayas at 10.4 percent and 8.9 percent, respectively.
Household spending in 2023 increased for all regions with the Bangsamoro Autonomous Region in Muslim Mindanao (BARMM) posting the highest growth rate at 7.5 percent.
In terms of government spending, Northern Mindanao topped among the regions at 4.3 percent, followed by Davao Region at 3.8 percent, MIMAROPA Region at 3.5 percent, and Caraga and SOCCSKSARGEN at 3.38 percent and 3.35 percent, respectively./PN
