BY GEROME DALIPE IV
ILOILO – The Philippine Statistics Authority (PSA) in Region 6 reported a slowdown in this province’s economic growth, which posted a 4.6 percent increase in 2023 compared to 8.5% in 2022.
Despite this, the province’s Gross Domestic Product (GDP) rose by P9.42 billion, reaching P215.42 billion from P206.01 billion the previous year.
Engr. Jerry Dolutan, officer-in-charge of the PSA Iloilo Provincial Statistical Office, revealed during a press briefing that the services sector remained the largest contributor to the Province’s economy, making up 56.5 percent of the total output.
The agriculture, fishing, and related activities sector accounted for 22.7 percent, while the Industry sector contributed 28.8 percent.
Among the 16 production industries, all except agriculture, fishing, and related activities showed positive contributions to the province’s 4.6 percent growth rate.
The statistics highlight Iloilo’s ongoing challenges in the agricultural and fisheries sectors, even as other parts of the economy performed robustly.
In addition, the per capita GDP of Iloilo was estimated at P101,693 in 2023, reflecting significant economic improvement over the past three years.
The figure is notably higher than the P81,950 recorded in 2020, underscoring steady growth in individual economic output despite challenges in certain sectors like agriculture and fisheries.
Key contributors to Iloilo’s economy in 2023
The transportation and storage sector was a major driver of Iloilo’s economic growth in 2023, contributing 1.7 percentage points.
The wholesale and retail trade sector, including the repair of motor vehicles and motorcycles, added 1.0 percentage points, while financial and insurance activities contributed 0.9 percentage points.
Among the 16 industries analyzed, the agriculture, fishing, and related Activities sector remained the largest, accounting for 22.7 percent of the provincial economy.
The wholesale and retail trade sector followed with an 18.2 percent share, while manufacturing represented 13.2 percent.
Together, these top three industries comprised more than half (54.5 percent) of the province’s economy, highlighting their pivotal role in economic performance.
Regional economic performance in 2023
Meanwhile, Western Visayas’ economy expanded by 7.2 percent in 2023, with a total value of P1.02 trillion.
Among the key contributors included Negros Occidental, which held the largest share of the regional economy at 25.7 percent, while Iloilo contributed 21.0 percent.
The City of Iloilo, which recorded a remarkable 10.5 percent growth rate, accounted for 15.6 percent of the regional economy, making it the second-fastest growing highly urbanized city in the region.
Major industries in Western Visayas in 2023
The economic performance of key industries in Western Visayas also revealed mixed outcomes in 2023
Agriculture, fishing, and related activities declined by 3.7 percent, with both Iloilo and Iloilo City experiencing contractions.
Despite the decline, Iloilo maintained the second-largest agricultural output in the region.
The industry sector expanded by 7.7 percent across the region.
However, both Iloilo Province and Iloilo City recorded lower growth rates compared to the regional average.
The Province accounted for 20.2 percent of the regional industry output. Iloilo City contributed 7.27 percent, reflecting its growing industrial presence but at a more modest pace.
Services sector performance in Western Visayas in 2023
The services sector in Western Visayas experienced robust growth, expanding by 10.2 percent in 2023. Both the Province and Iloilo City surpassed this regional growth rate, highlighting their strong contributions to the sector’s performance.
Iloilo City had the fastest-growing key services among all provinces and highly urbanized cities in the Philippines, demonstrating its leadership in the sector. Iloilo accounted for 19.0 percent of the regional services sector.
Iloilo City held a larger share at 21.9 percent, reflecting its pivotal role in driving the region’s services-driven economy.
Per Capita GDP comparison
Iloilo City also led the region in terms of per capita GDP, registering an impressive ₱337,805, more than double the regional average of ₱126,572.
Only the two highly urbanized cities in Western Visayas had per capita GDP figures exceeding the regional average.
The remaining provinces in the region reported per capita GDPs below the regional average, reflecting disparities in economic output distribution.
The above figures highlight Iloilo City’s strong economic performance and its vital role in driving regional prosperity./PN
