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Manila Bulletin devider Philippines devider Western Visayas economy rebounds from pandemic, posts remarkable growth in 2021

Western Visayas economy rebounds from pandemic, posts remarkable growth in 2021

Published Apr 28, 2022 04:17 pm

The booming skyline of Iloilo City. (Photo courtesy of Tara Yap/Manila Bulletin)

ILOILO CITY – The Western Visayas region has posted a 5.9 percent growth in 2021 in a remarkable rebound since business in the country and rest of the world suffered after the declaration of pandemic in early 2020.

The Philippines Statistics Authority (PSA) announced in a conference Thursday, April 28, that the Gross Domestic Regional Product (GRDP) of Western Visayas region climbed to P874.1 billion last year.

GRDP measures the economic performance of a region. It includes goods and services produced by all households and establishments in the region.

Western Visayas region is composed of Aklan, Antique, Capiz, Guimaras, Iloilo, and Negros Occidental provinces as well as the highly urbanized cities of Iloilo and Bacolod.

In 2020, the year pandemic started its onslaught all over the world, WV registered a -9.7 percent after posting P825.4 billion.

Nelida Amolar, PSA-6 acting regional director, said this was slower than the 6.3 percent growth rate during the year 2019. The GRDP in 2019 was P915.3 billion.

Of the region’s 5.9 percent growth rate, the services sector posted the highest contribution with 3.5 percentage points. The industry sector contributed 1.6 percentage points while the agriculture, forestry and fishing (AFF) sector contributed 0.8 percentage points.

The industry sector rebounded with a growth rate of 7.3 percent in comparison to the -9.3 percent in 2020.

The services sector also rebounded with a growth rate of 6.0 percent in comparison to the -14.2 percent in 2020.

Only the AFF sector decelerated with a growth rate of 4.1 percent. In comparison, the growth rate in 2020 was 6.4 percent.

For the National Economic and Development Authority (NEDA-6), the easing of restrictions contributed to the positive growth of the regional economy.

Meylene Rosales of NEDA region 6 said the standing of Western Visayas remains good as the fifth largest economy outside of the National Capital Region (NCR).

“All indicators showed signs for positive growth,” Rosales added.

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