ILOILO CITY – The Philippines Statistics Authority announced that Western Visayas was the fastest growing regional economy in the country last year.
THE booming skyline of Iloilo City, the regional capital of Iloilo City. (Tara Yap)
The economy went up in the region comprised of Aklan, Antique, Capiz, Guimaras, Iloilo, and Negros Occidental provinces as well as the highly urbanized cities of Iloilo and Bacolod by 3.4 percent from 5.9 percent in 2021.
The Gross Domestic Regional Product (GRDP) of Western Visayas also jumped to P955 billion, up P81 billion from P874.1 billion two years ago.
The region’s GRDP for 2022 also surpassed the pre-pandemic figure of P913.9 billion in 2019.
“Indeed, Western Visayas region’s economy has recovered,” added Amolar.
The services sector contributed a 7.7 percent growth to the regional economy but there was a slump in the region’s agriculture, forestry, and fisheries sector which accelerated by only 0.4 percent.
The National Economic and Development Authority (NEDA)-6 noted that while the inflation rate grew in Western Visayas last year, there were factors that kept the economy growing.
Marian Therese “Chuiqui” Mesa Pamonag, NEDA-6 economic development specialist, said one of these was the government-funded construction or repair of public infrastructures, which provided employment.
Other factors that helped spur the regional economy and drove spending were the May 2022 elections, resumption of full face-to-face classes, and return of unrestricted travel and tourism.