How Did Aklan’s Economy Perform in 2024? PSA Gathers Key Data

KALIBO, Aklan – To assess Aklan’s economic performance for 2024, the Philippine Statistics Authority (PSA) Aklan is actively coordinating with various agencies to gather essential economic indicators. These data sources include local government units (LGUs), selected national agencies, and private establishments.

The PSA is compiling key data such as government budget allocation, LGU human resource inventory, tourism receipts, public construction projects, gross revenues of establishments, and water and electricity production.

According to Engr. Antonet B. Catubuan, PSA Aklan head, the data collected from these sources are crucial in determining Aklan’s Gross Domestic Product (GDP), which reflects the province’s true economic condition.

“We encourage our data sources to respond promptly to our requests and provide comprehensive information so we can efficiently process and compile the data,” Catubuan said.

The PSA is set to release the 2024 Provincial Product Accounts (PPA) in September, two months earlier than previous schedules.

The PPA serves as a key tool in measuring economic performance at the provincial level, helping stakeholders monitor local economic growth and development.

Aklan’s Economy Among the Fastest-Growing in 2023

In 2023, Aklan’s GDP grew by 9.5%, a strong performance compared to 22.5% in 2022. The total value of goods and services in the province reached PHP69.61 billion, marking an increase of PHP6.03 billion from PHP63.58 billion in 2022.

Among the 81 provinces in the Philippines, Aklan ranked third in economic growth, following Camiguin.

Wholesale and retail trade, including motor vehicle and motorcycle repairs, was the biggest contributor, adding 2.4 percentage points to the province’s overall economic growth.

“With the government’s ongoing initiatives in the province, we remain optimistic that Aklan’s economic performance will be sustained or even improve further,” Catubuan added.