ILOILO – The Province of Iloilo’s economy expanded by 4.6% in 2023, sustaining its recovery but at a slower pace compared to the 8.5% growth recorded in 2022.
The province’s Gross Domestic Product (GDP) increased by P9.42 billion, reaching P215.42 billion from P206.01 billion in 2022, according to the Philippine Statistics Authority (PSA).
GDP measures the total value of goods and services produced within the province. It reflects the economic activities and contributions of various industries operating in Iloilo, excluding Iloilo City.
Located in the heart of the Western Visayas region, Iloilo Province is known for its big agricultural sector, service industries, and a growing tourism market.
While agriculture has historically been the backbone of the province’s economy, recent years have seen significant contributions from services, construction, and hospitality, driven by infrastructure developments and rising local and international tourist arrivals.
For year 2023, services and tourism emerged as key drivers of growth, with “Other Services” experiencing a 26.3% increase.
Accommodation and Food Services grew by 23.4%, while Transportation and Storage recorded a 22.8% increase. These sectors highlight the growing demand for travel, hospitality, and logistics as the province continues to attract visitors and rebuild its service economy.
Construction activities also contributed significantly to the province’s economy, growing by 16.6%.
On the other hand, Agriculture, Forestry, and Fishing declined by 9.0%, reflecting ongoing challenges in productivity and climate resilience.
Iloilo has a population of 2,051,899 (2020 Census) spread in a total of 1,721 barangays of 42 municipalities and one component city./PN
