BY GEROME DALIPE IV
ILOILO City – This metropolis experienced impressive economic growth in 2023, with its Gross Domestic Product (GDP) rising by 10.5 percent to P160.28 billion, up from P145.07 billion in 2022, the Philippine Statistics Authority (PSA) in Region 6 reported yesterday.
This performance established Iloilo City as the fastest-growing city in Western Visayas and the second fastest-growing highly urbanized city among the 33 cities in the country, following Palawan.
During the press briefing on the economic performance of Iloilo City and the province of Iloilo, Engr. Jerry Dolutan, officer-in-charge of the PSA Iloilo Provincial Statistical Office, emphasized that the city’s economy in 2023 was predominantly driven by the services sector, which accounted for 87.7 percent of its economic structure.
The industry sector contributed 9.9 percent, while agriculture, forestry, and fishing made up 2.4 percent.
Iloilo City’s Per Capita GDP reached P337,805 in 2023, reflecting a 10.2 percent increase compared to 2022.
Western Visayas grew by 7.2 percent, with Iloilo City leading the charge at 10.5 percent growth.
The region’s services sector also expanded by 10.2 percent, with Iloilo City reporting the highest per capita GDP in Western Visayas.
The industry sector contributed 9.9 percent, while agriculture, forestry, and fishing made up a modest 2.4 percent.
The vibrant services sector played a pivotal role in cementing the city’s economic position.
Iloilo City’s Per Capita GDP climbed by 10.2 percent to P337,805 in 2023, the highest in Western Visayas.
In his statement, Mayor Jerry Treñas expressed pride in the city’s latest economic achievement.
“I am proud to share that Iloilo City has not only claimed the title of the fastest-growing city in Western Visayas but has also risen to become the second fastest-growing highly urbanized city in the entire country among 33 cities,” said Treñas
The mayor credited this success to the city’s thriving business environment and collaborative efforts between the local government, private sector, and residents.
He reaffirmed his administration’s commitment to sustaining economic growth and improving the quality of life for all Ilonggos.
“This is a testament to the hard work of our business community, the efficiency of our local government, and the steadfast support of every Ilonggo. As your city mayor, I extend my heartfelt gratitude to all stakeholders who contributed to this success,” said Treñas.
During the press briefing, Engr. Dolutan said that out of the 16 production industries, all except agriculture, fishing, and related activities contributed positively to Iloilo City’s remarkable 10.5 percent economic growth in 2023.
The key contributors to growth include wholesale and retail trade, repair of vehicles and motorcycles, accommodation and food services, financial and insurance activities.
On the other hand, the top three fastest-growing industries include accommodation and food services, transportation and storage.
Dolutan stressed that these industries were pivotal in driving the city’s economic expansion, showcasing its vibrant services sector and growing appeal as a business and tourism hub.
In terms of Iloilo City’s economic structure, the top three industries by share were wholesale and retail trade, repair of vehicles and motorcycles, and inancial and insurance activities
These three industries collectively accounted for 48.1% of the city’s economy, demonstrating their critical role in driving economic growth.
The regional economy of Western Visayas was valued at P1.02 trillion in 2023. The Province of Negros Occidental was the largest contribution of 25.7 percent, while the Province of had 21.0 percent, followed by Iloilo City at 15.6 percent.
The regional agriculture, fishing, and related activities sector declined by 3.7 percent in 2023, affecting both the province of Iloilo and the city of Iloilo, which also experienced downturns in this sector.
Despite this decline, the province of Iloilo maintained the second-largest agricultural output in Western Visayas, reflecting its ongoing importance to the region’s agricultural economy.
Iloilo City’s services sector led regional growth, with a 21.9 percent share and the highest per capita GDP of P337,805, more than double the regional average of P126,572.
The services sector in Western Visayas grew by 10.2 percent in 2023, with Iloilo City and the province of Iloilo recording faster growth rates than the regional average. Notably:
Likewise, Iloilo City emerged as the fastest-growing key services hub among all provinces and highly urbanized cities in the Philippines.
Iloilo contributed 19 percent to the regional services sector, while Iloilo City had a larger share at 21.9 percent, underscoring its role as a leading economic driver in Western Visayas.
Iloilo City recorded the highest per capita GDP in the region at P337,805, reflecting its strong economic performance and exceeding the regional average of P126,572 by more than double.
For her part, Nelida Amolar, Officer-in-Charge of PSA Region 6, said the economic performance of cities and provinces aim to guide the development of targeted policies.
Amolar said the data, sourced from various government agencies and the private sector, is instrumental in formulating effective actions to enhance the economy.
She also stressed the need for a strong commitment to institutionalize these data-driven practices by 2025.
Amolar called for stronger collaboration and more regular data production, particularly from the province and city of Iloilo, to ensure more accurate and actionable insights./PN
