Western Visayas Investments Surge, Lead 2024 Growth

By Francis Allan L. Angelo

Western Visayas recorded an 11.1 percent increase in gross capital formation (GCF) in 2024, making it the fastest-growing expenditure item in the region, according to the Philippine Statistics Authority (PSA).

GCF measures the value of investments in fixed assets such as infrastructure, buildings, equipment, and inventories, and is widely seen as a driver of long-term economic growth.

The figures were released by the PSA Regional Statistical Services Office VI on April 22, underscoring the region’s resilient investment momentum amid national and global economic shifts.

“Gross capital formation significantly boosted the regional economy, reflecting increased infrastructure development, business expansion, and equipment acquisition,” said Nelida C. Amolar, officer-in-charge and chief statistical specialist of PSA RSSO VI.

Government Final Consumption Expenditure (GFCE) rose by 7.5 percent in 2024, signaling sustained public sector activity through service delivery and operational expenditures.

Household Final Consumption Expenditure (HFCE), which reflects household spending on goods and services such as food, transportation, and health, increased by 3.3 percent.

Per capita HFCE also posted modest gains, rising by 2.6 percent from PHP 122,581 in 2023 to PHP 125,821 in 2024, indicating a gradual improvement in consumer purchasing power.

Meanwhile, trade with the rest of the world grew at a slower pace, with imports up 2.7 percent and exports expanding by 1.3 percent.

All data are reported at constant 2018 prices, meaning the values have been adjusted for inflation to reflect real economic changes.

The data set specifically excludes Negros Occidental and Bacolod City due to their reclassification under the newly established Negros Island Region, following the enactment of Republic Act No. 12000.

Western Visayas’ economic performance was evaluated using the Gross Regional Domestic Expenditure (GRDE) approach, which tracks total spending by residents, including transactions outside the region and internationally.