The economy of Western Visayas (WV) improved in 2021 despite the COVID-19 pandemic, according to the Philippine Statistics Authority (PSA-6).
Based on data presented by PSA-6 OIC regional regional director Nelida C. Amolar, the region’s economy rebounded to 5.9 percent last year from negative 9.7 percent in 2020.
The total value of the Gross Regional Domestic Product (GRDP) of the region was estimated at P874.1 billion last year, around 6 percent higher than P825.4 billion GRDP in 2020.
“Western Visayas remains the fifth largest economy outside of the National Capital Region,” said Amolar.
Of the 5.9 percent growth rate, agriculture, forestry and fishing (AFF) contributed .08 percentage points, industry with 1.6 percentage points, and services at 3.5 percentage points.
All sectors posted positive growth although the AFF decelerated to 4.1 percent from 6.4 percent in 2020; industry up by 7.3 percent from negative 9.3 percent; and services at six percent from negative 14.2 percent.
National Economic and Development Authority (NEDA) regional director Meylene Rosales is hopeful that the prospects for the region’s economy in the next six to 12 months will remain.
“Our recent economic indicators show that the region is on track to recovery as we entered the new normal and the COVID-19 is yet to become endemic,” she said.IMT
