Iloilo, Bacolod, Aklan Among Fastest-Growing Economies

By Joseph Bernard A. Marzan

Three areas in Western Visayas— Iloilo City, Bacolod City, and Aklan province—ranked among the top 10 fastest-growing economies in the Philippines in 2023, based on the Philippine Statistics Authority’s (PSA) Regional Gross Domestic Product (GDP) data.

The PSA’s Provincial Product Accounts (PPA) reported that Iloilo City’s GDP grew by 10.5 percent in 2023, increasing from PHP 145.07 billion in 2022 to PHP 160.28 billion in 2023, based on constant 2018 prices.

In current prices, the city’s GDP grew by 16.28 percent, from PHP 164.55 billion in 2022 to PHP 191.33 billion in 2023.

Iloilo City ranked fourth among the fastest-growing economies in the country, following Batanes (14.5 percent), Camiguin (11.0 percent), and Puerto Princesa City (10.6 percent).

Bacolod City (10.0 percent) and Aklan province (9.5 percent) also made it to the top 10, alongside Lapu-Lapu City (9.4 percent), Baguio City (9.0 percent), Lucena City (8.9 percent), and Parañaque City (8.7 percent).

Western Visayas’ regional GDP reached PHP 1.024 trillion in 2023, up from PHP 955.14 billion in 2022.

Within the region, Iloilo City recorded the third-highest GDP based on constant 2018 prices, following Negros Occidental (PHP 263.51 billion) and Iloilo province (PHP 215.42 billion). Bacolod City ranked fourth with PHP 146.09 billion, followed by Capiz (PHP 79.47 billion), Antique (PHP 72.46 billion), Aklan (PHP 69.61 billion), and Guimaras (PHP 17.42 billion).

In current prices, Iloilo City also ranked third with a GDP of PHP 191.33 billion, behind Negros Occidental (PHP 325.85 billion) and Iloilo province (PHP 253.44 billion), but ahead of Bacolod City (PHP 180.87 billion), Antique (PHP 96.44 billion), Capiz (PHP 92.38 billion), Aklan (PHP 82.86 billion), and Guimaras (PHP 21.5 billion).

Iloilo City Mayor Jerry Treñas attributed the city’s robust GDP growth to the “hard work, dedication, and collective efforts” of its people.

“Iloilo City’s 10.5 percent economic growth, as reported by the Philippine Statistics Authority, makes us the top contributor among highly urbanized cities outside Metro Manila,” Treñas said in a statement.

“This is the result of our hard work and dedication, and we are grateful for the collective efforts that made this possible,” he added.

The mayor also highlighted Iloilo City’s economic strength and its attractiveness to investors.

“We are proud of the progress Iloilo City is making, showing that our economy is strong and stable. This growth reflects the productivity of our people and makes our city attractive to investors. We are optimistic that this positive trend will continue as we roll out more plans to develop Iloilo City,” Treñas said.