ILOILO CITY: The economy of Iloilo province and this highly urbanized city have posted positive growth in 2021 at 4.5 percent and 6.8 percent, respectively, a big rebound compared to their performance in 2020 which was at -6.0 percent for the province and -12.8 percent for the city.
“After the pandemic, it gradually recovered although it has not surpassed our 2019 growth. But it is near. It is a great opportunity for the province and city to entice more investors,” said Jerry Dolutan, supervising statistical specialist and officer-in-charge of the Iloilo Provincial Statistical Office in an interview following the dissemination forum on provincial product accounts in Iloilo City on Tuesday.
All major industries have posted positive growth at 3.8 percent for agriculture, 1.7 percent for industry, and 6.1 percent for services.
The services industry contributed 3.1 percentage points; agriculture, forestry and fisheries, 1.1 percentage point; and industry with 0.4 percentage point to the 4.5 percent economic growth of the province.
Among its top contributors were the wholesale and retail trade and repair of motor vehicles; agriculture, fishery and fishing; financial and insurance activities; education and information and communication.
The province’s gross provincial domestic product (GPDP) was valued at PHP190 billion, higher than the 2020 GPDP of PHP181.8 billion.
Meantime, the services industry in Iloilo City obtained the highest growth at 7.5 percent; 2.5 percent for industry; and 1.9 percent for agriculture, forestry and fisheries.
The service industry contributed 6.5 percentage points; agriculture, forestry and fisheries contributed 0.06 percent; while the industry added 0.3 percentage point to the city’s 6.8 percent growth rate.
The gross city domestic product (GCDP) of Iloilo City was valued at PHP132.4 billion, higher than the PHP123.9 billion value in 2020.
“The city of Iloilo recorded the highest per capita GPDP/GCDP of PHP280, 356 among the eight economies in Western Visayas in 2021. Per capita GPDP is the average contribution of each individual to the city’s economy,” the report said.
Maria Lea Victoria Lara, Project Development Officer IV of the Iloilo City Local Economic Development and Promotion (LEDIP), said that the data provided by the PSA was important for the local government’s monitoring and policy/program decisions.
“More than ever, especially coming out of the pandemic where data and statistics became as valuable as gold so to speak, the need for data to do those data-driven decisions cannot be overemphasized,” she said.
Source: Philippines News Agency
