Western Visayas economy booming yet remains fifth in peso value
ILOILO CITY – The gross regional domestic product of Western Visayas is fast booming, posting 8.3 percent in 2015 as compared to 5.2 percent in 2014.
The region’s growth was also higher than the national growth average decelerated from 6.2 percent to 5.9 percent.
The Philippine Statistics Authority (PSA)-Western Visayas regional office reported that the Iloilo region ranks number 5 in its gross regional domestic product in terms of peso value and constant prices of products.
The other regions were Calabarzon, Central Luzon, Central Visayas, National Capital Region, among others.
The Iloilo region is number 4 in terms of contribution to national economic growth.
PSA Regional Director Fred Sollesta said the agriculture, hunting, forestry and fishing sector is contributing 20 percent to the regional economy.
This contribution is much lower than the service sector share of 57.1 percent and industry with 22.9 percent but the region is rated Number 2 behind the Bicol region and among the regions in contribution to GRDP.
The agriculture, hunting, forestry and fisheries sector was down but the industry is booming from 13.5 percent to 22.9 percent with construction increase from 14.4 percent to 46.9 percent.
Other services also posted 5.9 percent to 11.4 percent boom while electricity sector is down from 14.9 percent to 6 percent and mining from 22 percent to 1.9 percent.
On the other hand, National Economic Development Authority (Neda) Regional Director Ro-Ann Bacal said the 2015 report on regional economic performance shows manufacturing, fisheries and tourism need sustainability.
Bacal said other agencies must come together and work out measures in support of local government units. The ongoing tourism boom in northern Iloilo showed most visited places were Gigantes Island and the municipalities of Carles and Estancia.
Their local government units were tasked to come up with programs encouraging private sectors to come and invest in facilities.
Bacal also encouraged the establishment of weekend markets to sell small and home made products and definitely not commercial products.
The weekend markets will also motivate local farmers to produce more especially healthy vegetables and native chickens.
According to the website of PSA, nscb.gov.ph, Gross Regional Domestic Product (GRDP) is the aggregate of gross value added (GVA) of all resident producer units in the region such as Agriculture, Fishery and Forestry, Industry Sector, Mining and Quarrying Manufacturing Construction Electricity and Water, Service Sector, Transport, Communication and Storage Trade Finance Ownership of Dwellings and Real Estate Private Government Services.