The economy of Bacolod City expanded by 10% in 2023, ranking as the second-fastest growing economy in Western Visayas.
The city’s Gross Domestic Product (GDP) increased from PHP 132.84 billion in 2022 to PHP 146.09 billion in 2023, according to data from the Philippine Statistics Authority (PSA).
Accommodation and food service activities led the surge with a 31.5% growth, followed by transportation and storage at 20.2%, and other services at 16.9%.
All 16 production industries showed growth this year, which is a testament to Bacolod’s resiliency and strategic initiatives, a PSA report stated.
Negros Occidental continues growth
Negros Occidental, which surrounds Bacolod, also experienced economic expansion, growing by 6.9% in 2023. The province’s GDP reached PHP 263.52 billion, PHP 17.10 billion higher than in 2022.
The province’s steady growth is powered by its strong agricultural base and its growing service sector. Bacolod, as its urban center, plays a pivotal role in this performance.
Negros Occidental remains the largest contributor to Western Visayas’ economy with a 25.7% share, followed by Iloilo Province at 21%, Iloilo City at 15.6%, and Bacolod City at 14.3%.
