ILOILO City – This city’s economy continued its upward trajectory in 2024, growing by 7.1 percent and posting a gross domestic product (GDP) of P171.57 billion, according to Engr. Jerry Dulutan, Supervising Statistical Specialist of the Philippine Statistics Authority (PSA) Iloilo Provincial Statistics Office.
The figure represents an increase from P160.20 billion in 2023 and solidifies the city’s position as the largest contributor to Western Visayas’ economy, accounting for 35.5 percent of the region’s total economic output.
“This shows that Iloilo City continues to be one of the strongest economic drivers not only in Western Visayas but in the entire Visayas region,” Dulutan said. “The 7.1 percent growth reflects sustained business confidence, infrastructure investments, and the city’s steady recovery and expansion post-pandemic.”
He explained that Iloilo City’s economic growth remains services-driven, with the services sector contributing a dominant 88.3 percent share of the GDP. This was followed by the industry sector at 9.6 percent, and agriculture, forestry, and fishing at 2.1 percent.
“The services sector continues to lead the city’s growth, particularly with the rise of professional and business services, retail, health, and education,” Dulutan noted. “This trend indicates that Iloilo City is increasingly becoming a hub for knowledge-based industries and service-oriented enterprises.”
Among the fastest-growing industries were professional and business services (14.6%), electricity, steam, water, and waste management (13.1%), and human health and social work activities (12.5%). These were followed by information and communication and financial and insurance activities, which also posted notable growth rates.
The key drivers of GDP growth in Iloilo City for 2024 were wholesale and retail trade; repair of motor vehicles and motorcycles, contributing 2.1 percentage points to the overall growth, followed by professional and business services (0.9) and financial and insurance activities (0.8).
According to Dulutan, these figures mirror the city’s continued transformation into a major investment and service hub in the Visayas.
“We are seeing consistent progress. Investments in commerce, finance, healthcare, and utilities are fueling job generation and consumer spending,” he said.
He also highlighted that the city’s steady growth is supported by local government initiatives to attract more investors and improve ease of doing business.
“This economic performance is a result of both government initiatives and private sector dynamism,” Dulutan added. “It’s a positive signal for investors looking at Iloilo City as a viable location for business expansion.”
Dulutan said the PSA remains optimistic about the city’s outlook for 2025, particularly with ongoing infrastructure developments and sustained investor confidence.
“If the current momentum continues, Iloilo City could even surpass its pre-pandemic economic trajectory,” he said. “The data shows that Iloilo’s growth story is one of resilience, adaptability, and forward planning.”/PN
