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Manila Bulletin devider Philippines devider Luzon devider PSA: Iloilo City fastest growing economy in Western Visayas

PSA: Iloilo City fastest growing economy in Western Visayas

Published Nov 27, 2024 08:37 am

ILOILO CITY – The Philippine Statistics Authority said this city had the fastest growing economy in Western Visayas region last year.

ILOILO CITY BUILDINGS.jpg

BUILDINGS at Iloilo Business Park in Iloilo City. (Tara Yap)

The Gross Domestic Product (GDP) of Iloilo City for 2023 was valued at P160.28 billion, an increase of 10.5 percent than 2022 with P145.07 billion.

“This growth positioned the City of Iloilo as the second fastest-growing economy among all highly urbanized cities in the Philippines,” said Jerry Dolutan, PSA-Iloilo officer-in-charge.

The PSA noted that the main contributors to the GDP growth of Iloilo City were wholesale and retail trade, repair of motor vehicles and motorcycles, accommodation and food service activities, and financial and insurance activities.

On the other hand, the province of Iloilo, which has 42 towns and component city of Passi, had a GDP of P215.42 billion last year, 4.6 percent higher than 2022.

Contributing factors were the growth in other services, accommodation and food services, and transportation and storage industries.

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Philippine Statistics Authority (PSA) GDP ILOILO PROVINCE
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