Manila: The economy of Iloilo province grew by 1.4 percent in 2024, marking a slowdown compared to the previous year's growth rate of 4.7 percent, data from the Philippine Statistics Authority (PSA) revealed. "The growth represents an increase in its gross domestic product from PHP215.78 billion in 2023 to PHP218.86 billion in 2024," stated Iloilo Supervising Statistical Specialist Jerry Dolutan during the provincial product accounts dissemination forum on Tuesday.

According to Philippines News Agency, services emerged as the dominant sector, contributing 59.76 percent to the provincial economy, followed by industry at 21.3 percent, and agriculture, forestry, and fishing (AFF) at 19 percent. The PSA highlighted a negative growth of 15.9 percent in the AFF sector, while 15 other subsectors demonstrated positive growth.

Throughout the period, Iloilo maintained its status as the largest economy among provinces and highly urbanized cities in Western Visayas, contributing 34.1 percent to the gross regional domestic product. Dolutan emphasized the importance of the Provincial Product Accounts (PPA) as a tool for economic planners, policy-makers, and stakeholders to assess local economic performance, formulate policies, and conduct monitoring and impact analysis.

"This is for an evidence-based decision-making," Dolutan explained. "Our PPA is a mechanism to compile the gross domestic product or GDP, using our production approach at the sub-regional, or provincial, or highly urbanized city level. Our GDP measures the value of all the primary goods and services produced in the province in a given time."

Sol Jane Capague, Statistician III of Iloilo province, attributed the significant decline in agriculture, which began in 2022, to severe weather conditions, an animal disease outbreak, and challenges in the fishery sector, including illegal, unreported, and unregulated fishing. "The massive crop damage, intense, and prolonged dry spell, particularly in 2024, resulted in agricultural losses exceeding PHP1 billion for the province," Capague reported.

She pointed out that the downturn in agriculture has the potential to affect the entire region's economy, despite growth in the services and industry sectors.