GROWTH SLIDES: Despite slowdown, Iloilo City tops regional growth anew

By Rjay Zuriaga Castor

Iloilo City sustained its position as the region’s fastest-growing economy in 2024, but the province of Iloilo continued to trail behind, posting the slowest growth in Western Visayas, data from the Philippine Statistics Authority (PSA) showed.

The PSA-6 reported on Tuesday, Oct. 7, that the city and province of Iloilo recorded higher economic output last year, but their growth rates slowed compared to the previous year.

Iloilo City posted the fastest-growing economy among all areas in Western Visayas, with a growth rate of 7.1% in 2024 against 10.4% in 2023, followed by Aklan at 6.0% and Capiz at 5.0%.

PSA Iloilo officer-in-charge Jerry Dolutan said the city’s growth translates to a gross domestic product (GDP) of PHP 171.57 billion, up from PHP 160.20 billion in 2023, though the 7.1% growth rate was slower than the 10.4% expansion recorded the previous year.

Velma Jane Lao, head of the city’s Local Economic Development and Investment Promotion, said a shared vision and a clear strategy drove the upward economic trajectory.

“Our RISE Iloilo City roadmap under the leadership of Mayor Raisa Treñas, which consists of three core pillars: Rising Health and Social Services, Rising Economy, and Rising Livability. This roadmap serves as the guiding framework for every program and project we undertake,” she said.

Meanwhile, the province of Iloilo registered a 1.4% increase in its economy.

Dolutan said the province’s economic growth is the slowest among Western Visayas provinces and even below the regional economic growth of 4.3%.

The province’s GDP stands at PHP 218.86 billion in 2024 from PHP 215.78 billion in 2023.

Despite the slower growth, Iloilo province contributed the largest share to the regional economy at 34.1%, followed by Iloilo City at 26.7%, with Western Visayas posting a total GDP of PHP 641.76 billion in 2024.

Both the industry and services sectors in the city and province expanded.

Dolutan stressed that based on the 2024 Provincial Product Accounts, Iloilo remains a predominantly services-based economy, with the services sector accounting for 88.3% of Iloilo City’s economy and 59.7% of Iloilo province’s.

Only the agriculture, forestry, and fishing sector declined, with Iloilo City recording a -9.0% growth rate and the province -15.9%, both lower than the regional AFF contraction of -7.3%.

Despite the decline, Iloilo province still contributed the largest share to the regional AFF output at 44.6%, followed by Capiz with 24.0%, with the region’s AFF output valued at PHP 93.16 billion.

Dolutan added that Iloilo City had a per capita GDP of PHP 362,179, representing the estimated average contribution of each individual to the city’s economy, while Iloilo province’s per capita GDP stood at PHP 105,087.