Iloilo City has emerged as the top economic performer in Western Visayas for 2023, boasting a remarkable 10.5 percent growth rate, as announced by the Philippine Statistics Authority (PSA) during a provincial product accounts forum on November 26, 2024. The city’s gross domestic product soared to PHP160.28 billion, up from PHP145.07 billion the previous year, marking it as the second fastest-growing highly urbanized city in the Philippines among 33 cities.
The driving force behind this growth was the services sector, contributing a significant 87.7 percent to the GDP, with industry and agriculture, forestry, and fishing sectors contributing 9.9 percent and 2.4 percent respectively. Key industries that saw substantial growth included accommodation and food services at 48.3 percent, other services at 28 percent, and transportation and storage at 18.9 percent.
Mayor Jerry Treñas expressed pride in the city’s achievements, attributing the success to the dedication of the business community, the efficiency of local governance, and the support of the Ilonggo people. In contrast, the province of Iloilo experienced a more modest growth of 4.6 percent, down from 8.5 percent in 2022, with its GDP rising to PHP215.42 billion from PHP206.01 billion.
The services sector in the province also played a major role, contributing over 56 percent to the GDP, followed by agriculture, forestry, and fishing at 22.7 percent, and industry at 20.8 percent. The fastest-growing industries in the province were transportation and storage at 22.8 percent, accommodation and food services at 23.4 percent, and other services at 26.3 percent.
Claire Dennis Mapa, PSA Undersecretary and National Statistician, highlighted the significance of the newly released provincial product accounts for 82 provinces and 33 highly urbanized cities. These GDP estimates are crucial for local governments to gauge their economic health and tailor strategies for balanced economic growth.