The economic performance of Western Visayas in 2022 posted a robust growth.
According to the report of the Philippine Statistics Authority (PSA-6), the region’s economy ballooned to 9.3 percent valued at P955 billion.
“The 2022 level of the region’s economy was higher than 2021 and 2020 levels. Further, three years after the COVID-19 pandemic, the regional economic level in 2022 surpassed the 2019 pre-pandemic level of P913.9 billion,” PSA Regional Statistical Services Office (RSSO-6) OIC- Regional Director Nelida Amolar shared in a recent news conference.
The increase was in comparison with the P841.1 billion recorded Gross Regional Domestic Product (GRDP) of the region in 2021.
The main drivers to the 9.3 percent growth include Household Final Consumption Expenditure (HFCE) by 11.3 percent, Net Exports to the rest of the Philippines by 3.9 percent, Gross Capital Formation by 2.3 percent , Government Final Consumption by 0.3 percent, and Net Export to the rest of the World by -8.5 percent.
In terms of the contribution of the major industries in the regional economy, the services sector logged 7.7 percentage points, the industry sector posted 2.0 percentage points, and the agriculture, forestry and fishing at -0.4 percentage points.
This also refers to the GRDP growth rate covering the total gross value added (GVA) of all goods and services produced in the region.
Amolar also said that the 2022 GRDP growth rates are in constant with 2018 prices as the base.
The PSA likewise noted the top three fastest growing sub-industries such as the accommodation and food services activities (47.3 percent), transportation and storage (41.5 percent), and other services (37.5 percent).
With these figures, Amolar emphasized that Western Visayas marks the fastest growing region in the country.
“Western Visayas posted the fastest growth in 2022. Among the 17 regions, from rank eight in 2021, to number one and this (is something that) we should be proud of, ” she stressed.JBG/LMLE/PIA-Iloilo
