AKLAN – According to its 2022 economic performance, the province of Aklan has the fastest-growing rate amongst the 17 highly urbanized cities and 82 provinces in the country.
Aklan recorded a strong gross domestic product (GDP) growth of 22.5 percent, more than double the national economic growth rate of 7.6 percent (2022), data by the Philippine Statistics Authority (PSA) showed.
Aklan’s GDP grew by 3.4 percent in 2021 (5.7 percent PH GDP), compared to -20.7 percent in 2020.
The province, situated in Panay Island’s northwest portion, has shown much-improved economic growth from the pandemic with the easing of travel restrictions, signaling a recovery in domestic and international travel.
Aklan attributed much of its GDP growth to the services industry, mostly in the tourism sector, which reached over 75 percent, while forestry, fishing, industry, and agriculture continued to grow at 25 percent.
Four of the 10 fastest-growing economies surveyed by PSA nationwide are in Visayas and Mindanao, with six in Luzon. Aside from the province of Aklan, Tacloban City (13.8 percent), Lapu-Lapu City (13.2 percent), and Davao Oriental (12.3 percent) also made it into the cut.
According to PSA, Puerto Princesa City was the country’s second-fastest-growing economy, with 14.7 percent.
Also on the list were Nueva Vizcaya (13.1 percent), Sorsogon (12.2 percent), Batanes (11.5 percent), Zambales (11.3 percent), and Baguio City (11.3 percent)./PN
