ILOILO CITY: The economy of Western Visayas grew by 7.2 percent in 2023, reaching a total value of P1.024 trillion from P955 billion in 2022.
The Philippine Statistics Authority (PSA), however, pointed out that the growth rate in 2023 was slower compared to the 9.3 percent recorded in 2022.
The National Economic and Development Authority (NEDA) said that although the gross regional domestic product (GRDP) growth rate decelerated, it still exceeded the region's RDP target of 6.0 to 7.0 percent.
"Western Visayas was the second fastest-growing economy, after Central Visayas. The growth rate of Region 6 is much higher than that of the National Capital Region, which stood at 4.9 percent, and that of the Philippines at 5.5 percent," said NEDA Region 6 director Engr. Arecio Casing Jr.
The PSA data showed that Western Visayas contributed 4.9 percent to the national gross domestic product, making it the fifth largest economy among the 17 regions in the country.
The NEDA-6 director emphasized that the region remained service sector-driven, citing the GRDP share per sector.
NEDA attributed the growth in the transportation and storage subsector to post-pandemic "revenge travel," citing increased domestic ship calls and passenger traffic on major thoroughfares in the region.
"In addition to post-pandemic 'revenge travel,' the region hosted national conventions. Furthermore, with the promotion of the Slow Food movement and Iloilo City being declared the first Creative City of Gastronomy in the Philippines by Unesco, the culinary business in the region has flourished," Casing said.
"This has led to an increase not only in hotel accommodations but also in condominium rentals and AirBnBs," he added.
While there is an observed decline in growth within the industry sector, NEDA noted an increase in revenue. Data revealed that the industry sector generated P220.9 billion this year, up from P205 billion in 2022.
Meanwhile, the agriculture, forestry, and fishing industry declined further from -1.9 in 2022 to -3.7 percent in 2023 due to the significant impact of African swine fever on hog production and El Niño, which led to stunted crops and lower yields among farmers.
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