ILOILO CITY (PIA) – Marking an impressive economic growth with a 10.5 percent increase on its gross domestic product (GDP) in 2023, Iloilo City has secured the position as the fastest-growing economy in Western Visayas and second fastest-growing economy among all Highly Urbanized Cities in the country.
The data was presented by the Philippine Statistics Authority (PSA) during its Provincial Product Accounts forum on November 26, 2024, noting that Iloilo City’s GDP values at P160.28 billion in 2023 from P145.07 billion in 2022.
PSA Iloilo officer-in-charge Jerry Dolutan, during his presentation, attributed Iloilo City’s remarkable performance to its vibrant services sector, which contributed 87.7 percent to the city’s GDP.
“Accommodation and food services surged as tourism rebounded in the post-pandemic period, with Iloilo City at the forefront,” Dolutan said, adding that the industry sector contributed a 9.9 percent share, while agriculture, forestry, and fishing (AFF) provided a 2.4 percent share on the city’s economic growth.
The PSA data also revealed that accommodation and food services emerged as the fastest-growing industry, posting a 48.3 percent increase, followed by other services with 28 percent growth and transportation and storage sector with 18.9 percent.
Iloilo City Mayor Jerry Treñas, in a statement, credited the growth of the city’s economy to the strong partnership and support of all sectors.
“[Iloilo City] has also risen to become the second fastest-growing highly urbanized city in the entire country among 33 cities. This is a testament to the hard work of our business community, the efficiency of our local government, and the steadfast support of every Ilonggo,” Treñas said.
Meanwhile, the province’s economic growth slowed down to 4.6 percent in 2023 from 8.5 percent in 2022. The data, however, showed that Iloilo’s GDP still increased by P9.42 billion from P206.1 billion in 2022 to P215.42 billion in 2023.
The services sector contributed the biggest share to the province’s GDP with 56.5 percent, followed by agriculture, forestry, and fishing with 22.7 percent, and industry with 20.8 percent.
Among the 16 industries, the fastest growths in the province were observed in Other Services with 26.3 percent, followed by Accommodation and Food Service with 23.4 percent, and Transportation and Storage with 22.8 percent.
PSA Undersecretary and National Statistician Claire Dennis Mapa revealed that this is the first time that PSA is releasing the PPA of 82 provinces and 33 highly urbanized cities in the country that provided them their GDP estimates, serving as a “powerful tool for empowering local governments to understand the economic pulse of their areas.”
“These localized data can help us better understand the economic realities across the country, highlighting each area’s unique strengths and opportunities and supporting efforts toward balanced local economic growth,” he said in his message. (AAL/JNH/PIA Iloilo)
