ILOILO CITY (PIA6) — The economy of Iloilo province and city has already recovered from the effects of the COVID-19 pandemic as both areas again posted positive growth in 2022.
During the Dissemination Forum on the results of the 2022 Provincial Products Accounts (PPA), Nov. 29, the Philippine Statistics Authority (PSA)-Iloilo presented that Iloilo province posted a growth rate of 8.5 percent in 2022, with an estimated value of P206 billion and higher compared to only 4.5 percent registered in 2021.
PSA-Iloilo Supervising Statistical Specialist Engr. Jerry L. Dolutan noted that among the major industries in the province, Services and Industry accelerated by 14 percent and seven percent, respectively; while the fastest growing industries in the province were accommodation and food service activities with 36.7 percent, followed by other services with 33.8 percent, and transportation and storage with 27.1 percent.
The province was also the second biggest economy in Western Visayas accounting for 21.6 percent of the P955.02 billion value of the Gross Regional Domestic Product (GRDP) in 2022.
However, despite the growth accounted for by Iloilo, the agriculture, forestry, and fishing slightly went down by -0.5 percent, which Provincial Planning and Development Office (PPDO) head Mario Nillos addressed by stressing that agri-industry is still at the forefront of the provincial government’s “strategy to improve the local economy.”
PPDO head Mario Nillos presents the statement on the economic performance of Iloilo province during the PSA’s 2022 Provincial Products Accounts (PPA) Dissemination Forum on Nov. 29. *(PIA6 photo)
During his statement on the economic performance of the province, Nillos noted that Iloilo Gov. Arthur Defensor Jr. has always prioritized the agricultural landscape of the province by not letting industrial projects related to modernization fully affect the province’s agriculture industry.
Meanwhile, data from PSA-Iloilo indicated that Iloilo City had a 9.6 percent Gross Domestic Product (GDP) growth rate in 2022 with an estimated value of P145.05, higher than the 6.8 growth recorded in 2021.
The industry and services also went up by 14.7 percent and 9.4 percent respectively; while accommodation and food services activities recorded the fastest growth with 52.4 percent, followed by other services with 41.2 percent, and construction industry with 39.6 percent.
The GDP per capita of the city was estimated to be at P306,444 in 2022, recording a 9.3 percent growth from the 2021’s level — the highest in the region, with the regional GDP per capita of P118,886.
City Local Economic Development and Investment Promotion (LEDIP) head Velma Jane C. Lao noted that Iloilo City continues to strive as one of the main economic hubs in the country by implementing innovative policies and projects that will add to the investors’ confidence.
The recent recognitions received by Iloilo City, like UNESCO’s Creative City of Gastronomy, are an added boost to the growth of the economy of the city, particularly on its food and tourism culture, which will eventually impact other economic indicators.
The PPA has been the mechanism of the PSA to compile the annual estimates of the GDP by province/Highly Urbanized Cities (HUCs), consistent with the National and Regional Accounts of the Philippines. (AAL/JNH/PIA Iloilo)
