ILOILO – Iloilo City proved once again why it is hailed as a beacon of competitiveness and urbanization in the country.
The city government ranked fourth among the 10 provinces and highly urbanized cities outside the National Capital Region (NCR) in terms of Gross Domestic Product (GDP) per capita.
Iloilo City posted per capita GDP in 2022 amounting to P306,444, according to the Provincial Product Accounts (PPA) involving 16 pilot regions outside NCR from November to December 2023 released by the Philippine Statistics Authority (PSA) on Monday.
Per Capita GDP is used as an indicator of the economic performance and standard of living of a place, as it reflects the average income levels and economic activity of its residents.
A city with a high Per Capita GDP generally indicates a more prosperous economy, where residents have higher levels of income and purchasing power.
This can lead to better quality of life, access to higher-quality goods and services, and overall economic well-being for the population.
On the other hand, a city with a low Per Capita GDP may indicate lower levels of economic development, with residents experiencing lower incomes and potentially facing challenges related to poverty, limited access to services, and lower living standards.
