Western Visayas’ economy was valued at P1.024 trillion in 2023, joining the small group of one-trillion regional economies, according to the latest report of the Philippine Statistics Authority (PSA).
The regional economy grew by 7.2 percent and ranked second-fastest, following closely the Central Visayas Region with 7.3 percent.
The region also surpassed the Western Visayas Regional Development Plan target growth rate of 6.0 to 7.0 percent, as well as that of the National Capital Region and the national average, which stood at 4.9 percent and 5.5 percent, respectively.
The Services comprised the biggest share of the region’s economy at 62.7 percent, valued at P770.7 billion, followed by Industry at 21.6 percent with P220.9 billion, and Agriculture, Forestry and Fishing (AFF) at 15.7 percent with P161.3 billion.
All industries sustained positive growth, except for AFF, which further declined to negative 3.7 percent from negative 1.9 percent in 2022.
The region continued to be the fifth largest economy among all regions, with its 4.9 percent share to the Gross Domestic Product of the country.
National Economic and Development Authority Region 6 director, Arecio Casing Jr., in a statement April 29, underscored the priority strategies to support and sustain the economic success of the region by engaging both the public and private sectors.
These strategies focused on enhancing connectivity and the innovation ecosystem, utilizing e-commerce platforms and digital payment modalities, improving investment promotion, harnessing research and development, expediting power or energy projects, promoting creative tourism, and responding to talent and skills requirements of existing and emerging industries.
Casing also said that several infrastructure flagship projects identified will spur economic activities and hasten the economic development in Western Visayas.
These projects include the Bacolod-Negros Occidental Economic Highway, Panay-Guimaras-Negros (PGN) Inter-Island Link Bridge, the Boracay Circumferential Road, Jalaur River Multipurpose Project Stage II, and the Panay Railway System, among others.
The PSA Regional Statistical Services Office 6 released the official Gross Regional Domestic Product figures in a news conference in Iloilo City recently, attended by representatives from the regional line agencies, local government units, the academe, private sector, and members of the media. ||
