Iloilo City is the fastest growing economy in WV, second among HUC in PH
Iloilo City recorded the fastest-growing economy in Western Visayas at 10.5 percent in 2023, with its gross domestic product valued at PHP160.28 billion from PHP145.07 billion in 2022.
“This growth positioned the City of Iloilo as the fastest-growing economy in Western Visayas and the second fastest growing economy among all highly urbanized cities in the Philippines in 2023,” the Philippine Statistics Authority (PSA) said during the provincial product accounts (PPA) provincial dissemination forum for Iloilo on Tuesday.
The growth is driven by services, which contributed 87.7 percent to the total gross domestic product (GDP), followed by industry with a 9.9 percent share, and agriculture, forestry, and fishing (AFF) with a 2.4 percent share.
It was also reported that accommodation and food services activities, other services, and transportation and storage were among the fastest-growing industries with 48.3 percent, 28 percent, and 18.9 percent growth rates, respectively.
“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. 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,” Mayor Jerry Treñas said in a statement.
PSA Undersecretary and National Statistician Claire Dennis Mapa said this is the first time that PSA is releasing the PPA of 82 provinces and 33 highly urbanized cities in the country, providing each of them their GDP estimates.
“These GDP estimates are more than just numbers; there are stories behind these numbers – they are a powerful tool for empowering local governments to understand the economic pulse of their areas. This localized data can help us better understand the economic realities across the country, highlighting each area’s unique strengths and opportunities and the supporting efforts toward balanced local economic growth,” Mapa said in his message. (via PNA)