ECONOMIC BOOST: Iloilo province, city GDP expand in 2022

The Iloilo River is the heart of the city and province’s economic growth throughout time. (Leo Solinap photo)

By Rjay Zuriaga Castor 

The city and province of Iloilo reported an increase in their respective gross domestic product (GDP) in 2022, according to the Philippine Statistics Authority.

The province’s GDP experienced a growth of 8.5 percent in 2022, reaching an estimated value of P206 billion.

In comparison, it registered a 4.5 percent growth rate, amounting to P189.93 billion, in 2021, and a -6.0 percent decline, totaling P181.77 billion in 2020.

“We intend to sustain this growth through our overall development program, known as the ‘Movement for a Robust, Progressive, Globally Competitive, and Resilient (MoRPRoGRes)’ Province of Iloilo,” Iloilo Governor Defensor Jr. said in a press conference on Friday.

The major industry with the largest share in the province’s economy is the services sector, accounting for 53.6 percent, followed by the agriculture, forestry, and fishing sector at 26.1 percent, and the industry sector at 20.3 percent.

Defensor added that the provincial government will also push for the development of the agriculture industry and the development of other growth areas.

The PSA reported that the agriculture, forestry, and fishing sector of the province slightly declined by -0.5 percent from 2021 to 2022.

The GDP per capita of the province was estimated at P98,190 in 2022, reflecting a 7.3 percent increase from the 2021 level.

Meanwhile, the city of Iloilo posted a 9.6 percent growth in its economy in 2022, reaching a value of 145.05 billion.

The city also recorded a decrease in the agriculture, forestry, and fishing sector, which is at -1.5 percent. The industry sector documented a 14.7 percent increase and 9.4 percent in the services sector.

The GDP per capita of the city was estimated at P306.44 billion in 2022, reflecting a 9.3 percent increase from the 2021 level.

It can be noted that the city recorded the highest per capita GDP in the region in 2022.

“Our collective efforts to attract investors and propel economic activities have paid off,” said Iloilo City Mayor Jerry Treñas in a statement.

He added: “The productive results will strengthen the city’s standing as a leading investment destination and sustain the momentum of continued development for the benefit of Ilonggos.”

PSA data showed that the province had the second-largest economy in the region, accounting for 21.6 percent of the P955.02 billion value of the GDP in 2022.

Iloilo City, meanwhile, contributed a 15.2% share to the region’s economy last year.