Iloilo City recorded the highest Per Capita GDP (Gross Domestic Product) in Western Visayas in 2022.
This means that each person created a value added through production of goods and services amounting to P306,000 for the whole year, which was higher than Region 6’s P118,000 per capita GDP.
On the other hand, Bacolod posted P214,000 per capita GDP.
Iloilo City contributed 15.2% share to the region’s P955-billion GDP while Bacolod’s share was 13.9%.
In terms of services, Iloilo City contributed 21.7% to the region’s P582-billion, while Bacolod’s share was 17.2%.
Mayor Jerry Treñas is elated of the validation of the successful initiatives of the Ilonggos and dynamic partners working together towards continued progress.
“Our common efforts to attract investors and propel economic activities have paid off. The productive results will strengthen the city’s standing as a leading investment destination and sustain the momentum of continued development for the benefit of Ilonggos,” Treñas stressed.
Iloilo City is mainly driven by services which include wholesale and retail trade; repair of motor vehicles and motorcycles; financial and insurance activities; education; professional and business; real estate and ownership of dwellings; transportation and storage; information and communication; human health and social work activities; public administration and defense, compulsory social activities; and accommodation and food.
By industry, Iloilo City’s economy had been fueled by accommodation and food service activities at 52%, other services at 41%, and construction at 39.6%.
Iloilo City’s total investments grew by 65% in 2022 while the gross sales of registered firms grew by 5.65%.
The number of new businesses grew by 26.71% and renewals by 4.62%.
Tourist arrivals drastically grew by 255% since the pandemic.
Employment rate rose to 95.1% from 89.4 % in 2021 upon prioritizing livelihood and job opportunities for the Ilonggos. (Iloilo City PIO)
