By Rjay Zuriaga Castor
The Iloilo City Local Economic Development and Investment Promotion (LEDIP) Office reported a steady increase in business registrations and capitalization, underscoring growing private sector trust and confidence in the city’s economy.
LEDIP data revealed that the number of new and renewed business licenses rose from 16,100 in 2020 to 16,200 in 2021. This upward trend continued, with licenses surging to 17,400 in 2022, 18,900 in 2023, and reaching 19,600 by the end of 2024.
Investment capitalization in Iloilo City also experienced significant growth. Total capitalization recorded at PHP3.41 billion in 2020 and PHP3.43 billion in 2021 grew by 16.56% to PHP3.99 billion in 2022 and jumped by 29.22% to PHP5.16 billion in 2023.
The private sector’s confidence was further reflected in the recovery of gross sales among registered businesses. Gross sales declined from PHP165.54 billion in 2020 to PHP139.75 billion in 2021 due to the pandemic but rebounded to PHP147.65 billion in 2022. This was followed by a 17.24% increase, reaching PHP173.11 billion in 2023.
Micro-businesses dominate Iloilo City’s business landscape, accounting for 94.01% of all registered enterprises. Small businesses make up 4.74%, medium-sized enterprises constitute 1%, and large businesses represent 0.25%.
LEDIP head Velma Jane Lao highlighted the vital role of micro and small enterprises in driving the city’s economy.
“We recognize that our micro and small enterprises are the backbone of the economy. Mayor Jerry P. Trenas and the city government are committed to helping them thrive,” Lao said.
The Philippine Statistics Authority (PSA) recognized Iloilo City as the fastest-growing city in Western Visayas and the second fastest-growing highly urbanized city in the Philippines in 2023.
PSA attributed this growth to a 10.5% increase in Gross Domestic Product (GDP), which rose from PHP145.07 billion in 2022 to PHP160.28 billion in 2023.
This economic progress reflects Iloilo City’s resilience and its growing reputation as a hub for business and investment in the region.
