ILOILO City – Western Visayas is enjoying a robust economy. It posted the highest growth rate among regions at 9.3 percent, even exceeding the national average of 7.2 percent.
The region’s economy in 2022 was valued at P955.0 billion at constant 2018 prices, missing the trillion-peso mark by a small fraction, according to the Philippine Statistics Authority (PSA) during a recent press conference on the region’s economic performance.
PSA OIC-regional director Nelida C. Amolar, who presented the 2022 Gross Regional Domestic Product (GRDP) and Gross Regional Domestic Expenditure (GRDE) figures, said economic indicators showed Western Visayas as the fastest growing economy, followed by the Cordillera Autonomous Region at 8.7 percent and Davao Region with 8.15 percent.
The regional performance for services in 2022 contributed a huge chunk to the growth at 7.7 percentage points, followed by the share of industry at 2.0 percentage points.
On the other hand, the regional performance for agriculture, forestry and fishing (AFF) pulled the economy down by -0.4 percentage points.
Across all major industries, the main drivers of the region’s growth were transportation and storage at 2.2 percent; wholesale and retail trade, repair of motor vehicles and motorcycles, 2.2 percent; and construction at 1.1 percent.
“We are very pleased to note that the Western Visayas’ economy is robust. However, we must not rest on our achievements. The government continues to intensify its efforts to restore the economy to its high-growth trajectory, creating better quality jobs and speeding up poverty reduction,” said Marian Therese Mesa-Pamonag, OIC-chief Economic Development Specialist of the National Economic and Development Authority (NEDA) Region 6.
As to the policy implications of the 2022 GRDP/GRDE, Pamonag explained how the reopening of the economy and the resumption of pre-pandemic activities helped the region stay on the growth track despite external headwinds.
She cited the adverse impact of the Russia-Ukraine conflict to fuel and commodity prices, and monetary and fiscal policies, among others.
She also noted that public infrastructure investment programs boosted the construction industry and provided employment to people.
Moreover, the 2022 elections and the activities leading to it likewise drove spending upwards.
Pamonag also shared NEDA’s thrusts and priorities, including the monitoring of the national and regional development plans’ implementation, managing food inflation concerns, monitoring the progress of infrastructure flagship projects (IFPs), evaluating the performance of the Full Devolution Initiative, coordinating efforts to strengthen the Philippine’s innovation system, and providing policy advice and recommendations to the three branches of the government.
Pamonag also urged for the cooperation of all sectors in working towards the common goal of a “matatag, maginhawa, at panatag na buhay para sa lahat”. (With reports from NEDA-6 Development Research Division)/PN
