THE Western Visayas region is unlikely to achieve a trillion-peso economy in the coming years following the transfer of Negros Occidental and Bacolod City to the newly established Negros Island Region (NIR), the National Economic and Development Authority (NEDA) said. NEDA-6 Director Arecio Casing Jr. said Negors Occidental and Bacolod City had been significant contributors to the gross domestic product (GDP) of Western Visayas in recent years. Casing said Negros Occidental was the largest contributor to Western Visayas' GDP in 2022, contributing P246 million, while Bacolod City contributed around P133 million. In the 2022 GDP per capita, or the average economic output per person, Bacolod City trailed behind Iloilo City as the second largest contributor with P214,527, followed by Negros Occidental with P94,981. "Even with a high growth rate, we would not reach the trillion mark anytime soon. But we will try to reach our mark together with NIR and the opportunities that we have in the region," Casing said. He, however, noted that Central Visayas, also affected by the creation of NIR, could maintain a trillion-peso economy based on the 2022 GDP figures. He said Central Visayas would likely have a P1.1 trillion economy in 2024 or 2025, while Western Visayas and the NIR were expected to reach P550 billion each. The NIR, signed into law this June, separates Negros Occidental and Bacolod City from Western Visayas and removes Negros Oriental and Siquijor from Central Visayas. In 2022, Central Visayas reported an economy valued at P1.287 trillion, while Western Visayas reported P955 billion. The following year, the Western Visayas economy amounted to around P1.02 trillion. NEDA-6 data showed that NIR's 2022 GDP is slightly lower than Western Visayas but significantly lower than Central Visayas. From 2021 to 2022, Western Visayas observed a 10.22 percent growth rate, Central Visayas had 7.66 percent, and the NIR had 7.72 percent. Casing, however, reassured that the reduced GDP for Western Visayas and the creation of NIR would not directly affect the quality of life for Panay Island and Guimaras residents. "Essentially, it will not affect us. Life goes on. These are just figures on the side of the economy, and essentially, we just created an imaginary political boundary," he said. "There are no real worries created. It is just the shift of the political matter." Read The Rest at :