SAN FERNANDO CITY, La Union – The Ilocos Region posted a 4.9 percent increase in its economic performance in 2024, according to the Philippine Statistics Authority (PSA) during a recent news conference.
The region’s economy grew from P700.99 billion in 2023 to P735.62 billion in 2024.
This reflects Ilocos Region’s steady economic progress, highlighting its resilience and recovery amid various challenges.
The services sector, which accounts for 54.3 percent of the economy, continues to drive the region’s Gross Regional Domestic Product (GRDP)—the measure of economic performance from the production side—followed by the industry sector at 30.4 percent, and the agriculture, forestry, and fishing sector at 15.2 percent.
In terms of spending, Household Final Consumption Expenditure contributed the most to the Gross Regional Domestic Expenditure (GRDE)—which measures the total spending of residents both within and outside the region—with a 94 percent share.
Meanwhile, Government Final Consumption Expenditure, which covers government spending on goods and services for public use, accounted for 16.8 percent.
According to Stephanie F. Christiansen, regional director of the Department of Economy, Planning, and Development (DEPDev), the region’s economic growth slowed compared to the 7.1 percent growth recorded in 2022-2023.
One major concern, she said, was the agriculture, forestry, and fisheries sector, which dropped from a 3.3 percent growth in 2023 to -0.6 percent in 2024.
Christiansen explained that the decline was mainly due to the effects of El Niño, several typhoons, and the African Swine Fever (ASF) outbreak in the region.
She added that while the region’s growth fell short of the 6 to 7.5 percent target, it remains on track for continuous development.
“The answer is clear: our economy is moving forward, but not at the speed we need to achieve the full potential of our people and our region,” said Christiansen.
To address the decline, she stressed the need to prioritize agriculture by improving water management, expanding irrigation projects, linking farmers to bigger markets, and promoting crop diversification to increase income opportunities and reduce vulnerability.
“As stewards of regional development, we do not rest on setbacks; instead, we see them as opportunities to reflect, recalibrate, and reinforce our efforts toward a more resilient and inclusive economy,” she added.
Meanwhile, lawyer Sheila O. De Guzman, PSA Regional Statistical Services Office I (PSA RSSO 01) regional director, emphasized the importance of informing the public about the region’s economic state to highlight its strengths and areas needing more support.
“This is in line with PSA’s commitment to provide information at the right time, in the right format, [and] to the right people,” said De Guzman.
The PSA, DepDev, line agencies, and local government units reaffirmed their commitment to building a more resilient, inclusive, competitive, and healthy economy for the Ilocos Region. (CCMT, AIHR, ABN/ PIA Region 1)
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