Iloilo City: The economy of Western Visayas expanded by 4.3 percent in 2024, a deceleration from the 6.8 percent growth recorded in 2023, as reported by the Philippine Statistics Authority (PSA) on Tuesday. This slower growth is attributed to the exclusion of Negros Occidental and Bacolod City, now part of the newly formed Negros Island Region (NIR).
According to Philippines News Agency, PSA Western Visayas chief statistical specialist Nelida Amolar explained that this growth rate corresponds to PHP641.76 billion. Despite the slower pace, the gross regional domestic product (GRDP) for 2024 is PHP26.5 billion higher than the previous year's GDP of PHP615.29 billion. The region contributed 2.9 percent to the national GDP, ranking it as the eighth largest economy among the 18 regions in the country.
All industries in the region showed growth, with the exception of agriculture, forestry, and fishing (AFF), which contracted by 7.3 percent compared to a 6.2 percent decline in 2023. Industry growth persisted, albeit at a reduced rate of 3.9 percent down from 6.7 percent in 2023. Services experienced a 7.4 percent growth, the fastest among major industries, although it was lower than the previous year's 10.8 percent growth.
National Economic and Development Authority Western Visayas Director Arecio Casing Jr. noted that the growth level was anticipated due to the separation of Negros Occidental and Bacolod City, which previously contributed about 40 percent to the region's economy. Before this division, the 2023 GRDP of Western Visayas had grown by 7.2 percent, valued at PHP1.024 trillion, surpassing the PHP987 billion target for a 7 percent growth rate.
Casing highlighted the current GRDP value of PHP642 million, which fell short of the targeted 6 to 7 percent growth rate. Nonetheless, the GRDP in 2024, being over PHP26 billion more than in 2023, indicates that Western Visayas is still experiencing growth, albeit at a slower pace. The AFF sector remains the most challenging, having recorded negative growth for two consecutive years.
Production of palay, corn, and abaca significantly declined last year due to the prolonged El Ni±o, while watermelon and mango production showed modest growth. Cacao stood out with a 51 percent increase in production volume, showcasing the region's potential to diversify and the prospects for high-value crop production. Casing emphasized the importance of not focusing solely on palay production but also considering high-value crops and a convergence on heritage food, slow food, and gastronomy.
