Bacolod City and the province of Negros Occidental have demonstrated significant economic progress in 2023, according to recent data from the Philippine Statistics Authority (PSA). The information was shared during the 2024 Provincial Product Dissemination of Accounts Forum at the Park Inn by Radisson Hotel in Bacolod City.
Bacolod City’s economy surged by 10% in 2023, marking it as the second fastest-growing economy in Western Visayas. The city’s economic value escalated from PHP132.84 billion in 2022 to PHP146.09 billion in 2023. All 16 production industries in Bacolod experienced growth, with notable increases in accommodation and food services at 31.5%, transportation and storage at 20.2%, and other services at 16.9%. The sectors contributing the most to Bacolod’s GDP were wholesale and retail trade, including the repair of motor vehicles and motorcycles, at 21%, manufacturing at 12.7%, and financial and insurance activities at 10.9%. The services sector was the largest contributor to the city’s GDP, accounting for 75.7%, followed by industry at 19.8% and agriculture, forestry, and fishing at 4.5%.
Negros Occidental’s economy grew by 6.9% in 2023, slightly up from the previous year’s 6.8% growth. The province’s GDP reached PHP263.52 billion in 2023, an increase of PHP17.10 billion from PHP246.2 billion in 2022. Negros Occidental holds the largest share in the Western Visayas regional economy at 25.7%, while Bacolod City contributes 14.3%. The leading industries in Negros Occidental’s economy are agriculture, forestry, and fishing at 21%, wholesale and retail trade at 17.3%, and manufacturing at 13.8%.