ILOILO City – The Gross Domestic Product (GDP) of Western Visayas reached a milestone by exceeding P1 trillion in 2023, data from the Philippine Statistics Authority (PSA) showed.
The region’s GDP, which stood at P874.09 billion in 2021, climbed to P955.14 billion in 2022, marking a 9.3 percent growth, the highest among all regions in the country for that year.
In 2023, the GDP further increased to P1.024 trillion, representing a 7.2 percent growth from the previous year.
Marlene Alviar, chief statistical specialist of PSA Region 6, said 2023 marked the first time Western Visayas hit the trillion-peso GDP mark.
“This signifies the monetary value of all products and services produced in the region,” Alviar explained.
The primary contributors to the economic acceleration in 2023 were the services sector, contributing 62.7 percent or P542.05 billion, followed by the industry sector with 21.6 percent or P220.93 billion, and agriculture, forestry, and fisheries contributing 15.7 percent or P161.29 billion.
In terms of growth rates among provinces and highly urbanized cities, Aklan led in 2022 with a growth of 22.5 percent, reaching P63.57 billion. It was followed by Bacolod City and Iloilo City with growth rates of 9.8 percent and 8.5 percent respectively.
Other significant contributors included Guimaras, Capiz, Antique, and Negros Occidental.
But the region faces potential economic shifts with the creation of the Negros Island Region (NIR), which separated Negros Occidental and Bacolod City from Western Visayas.
“Negros Occidental and Bacolod City accounted for nearly 40 percent of the region’s GDP in 2022. With their potential separation, we anticipate a substantial reduction in the region’s GDP,” Alviar said.
Despite the potential GDP reduction, Alviar remains confident that other provinces can compensate for the economic impact of Negros’ separation, citing sectors like fisheries, agriculture, and manufacturing as areas where provinces like Iloilo could excel.
Additionally, the regional economic growth has broader implications for the well-being of the residents.
“While the benefits of economic growth may not be immediately felt, they foster an environment that generates employment, thereby providing income that helps families afford basic needs,” explained Nelida Amolar, officer-in-charge of PSA-6.
She also emphasized that booming industries and infrastructures facilitate easier and cheaper transportation of goods from rural areas to urban markets.
Moreover, the economic upliftment has contributed to a decrease in the poverty rate from 18.1 percent in 2021 to 15.5 percent in 2023, significantly impacting the overall quality of life in the region./PN
