ILOILO CITY – The Philippines Statistics Authority announced that the Gross Domestic Regional Product (GRDP) of Western Visayas in 2023 was worth more than P1 trillion.
THE skyline of Iloilo City, the regional capital of Iloilo City. (Tara Yap)
Nelida Amolar, PSA-6 officer-in-charge, said this was the first time that the regional GRDP breached the P1-trillion mark.
In 2022, the GRDP was P955.1 million and P874.09 million in 2021.
The region comprised of Aklan, Antique, Capiz, Guimaras, Iloilo, and Negros Occidental provinces as well as the highly urbanized cities of Iloilo and Bacolod recorded a slower economic growth rate.
In 2023, the growth rate of Western Visayas region was 7.2 percent, down 2.1 percent from 2022 with 9.3 percent.
It was attributed to the decline of growth in the services and the agriculture, forestry, and fishing industries.
The region’s industry sector registered a growth rate of 7.7 percent in 2023 compared to 9.2 percent in 2022.
Regional Director Arecio Casing Jr. of the National Economic and Development Authority (NEDA)-6 said that while the economic growth rate of Western Visayas slowed down, it exceeded the target six to seven percent GRDP for 2023.