Iloilo City fastest growing economy in WV, 2nd in PH

Iloilo City emerged as the fastest growing economy in Western Visayas, the Philippine Statistic Authority’s (PSA) latest data showed.

The city, regarded as the economic center of the region, posted  a growth rate of 10.5% in 2023, with its gross domestic product (GDP) valued at P160.28 billion.

“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,” PSA said on Tuesday, Nov. 26.

The city’s growth, according to the agency, driven by services, which contributed 87.7% to the total gross domestic product (GDP).

Industry came in second with a 9.9% share to GDP, followed by agriculture, forestry, and fishing (AFF) with a 2.4% share.

PSA also reported that accommodation and food services activities, other services, and transportation and storage were among the fastest growing industries with 48.3%, 28 percent, and 18.9% growth rates, respectively.

In a statement, Mayor Jerry Treñas said: “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.”

Meanwhile, Bacolod City posted the second highest growth rate at 10.0%, followed by Aklan (9.5%), Guimaras (7.9%), Negros Occidental (6.9%), Capiz (6.8%), Iloilo province (4.6%) and Antique (2.5%).IMT