ILOILO City – Reflecting a strong economy and high-income level, this southern city recorded the highest per capita GDP (Gross Domestic Product) in Western Visayas in 2022.
As defined, GDP per capita measures the average income earned per person in a given area in a specified year and is calculated by dividing the GDP by its population. This reflects the pace of growth of the economy with the growth of the population.
According to the Philippine Statistics Authority, in Iloilo City each person created a value added through the production of goods and services amounting to P306,000 for the whole year, higher than Region 6’s P118,000 per capita GDP.
Mayor Jerry Treñas welcomed the figures, saying these reflected the successful initiatives of the Ilonggos working with dynamic partners towards continued progress.
“Our common efforts to attract investors and propel economic activities have paid off. The productive results will strengthen the city’s standing as a leading investment destination and sustain the momentum of continued development for the benefit of the Ilonggos,” Treñas stressed.
On the other hand, Bacolod City posted P214,000 per capita GDP.
Iloilo City contributed 15.2% share to the region’s P955-billion GDP while Bacolod’s share was 13.9%.
In terms of services, Iloilo City contributed 21.7% to the region’s P582 billion, while Bacolod’s share was 17.2%.
Iloilo City is mainly driven by services which include wholesale and retail trade; repair of motor vehicles and motorcycles; financial and insurance activities; education; professional and business; real estate and ownership of dwellings; transportation and storage; information and communication; human health and social work activities; public administration and defense, compulsory social activities; and accommodation and food.
By industry, Iloilo City’s economy had been fueled by accommodation and food service activities at 52%, other services at 41%, and construction at 39.6%.
Iloilo City’s total investments grew by 65% in 2022 while the gross sales of registered firms grew by 5.65%.
The number of new businesses grew by 26.71% and renewals by 4.62%.
Tourist arrivals drastically grew by 255% since the pandemic.
Employment rate rose to 95.1% from 89.4 % in 2021 upon prioritizing livelihood and job opportunities for the Ilonggos.
In recent years Iloilo City consistently made the cut in the Cities and Municipalities Competitiveness Index by the Department of Trade and Industry.
Just this year, Iloilo City was awarded as Most Competitive and Most Improved Highly Urbanized City in Western Visayas – a back-to-back win for the city after being conferred with the same recognition in 2022.
It also swept the top spot in all the five competitiveness pillars – Government Efficiency, Innovation, Economic Dynamism, Resiliency, and Infrastructure.
In the national level, from rank No. 7 last year, Iloilo City significantly rose to the fourth spot as the Most Competitive Highly Urbanized City in the whole country, and No. 1 outside the National Capital Region.
Furthermore, the city achieved second rank in Government Efficiency, fourth in both Innovation and Economic Dynamism, fifth in Resiliency, and ninth in Infrastructure.
Iloilo City has also been named as the Most Business-Friendly City in the country for 2023.
Treñas stressed investors can be easily attracted to come and invest if there is confidence with the economy and the local government. Investments, as a result, create job and employment opportunities for the Ilonggos and propel economic growth.
He believes that in a local government unit, it is the city officials that the businessmen look up to.
“We need to make it easy for businessmen to invest in our locality. The economic dynamism of an area is important but if local officials make it difficult for investors to come in, they will go to other places. Here in Iloilo City, we have done everything to make it easy for investors,” he emphasized.
The city mayor cited the four offsite payment centers in the malls as well as the Iloilo City Action and Response (ICARE) centers distributed in the communities to make response time for emergencies faster.
To make the city safe, patrol cars, guns and ammos, training, even dogs are provided to the police while the streets are well-lighted at the expense of the City Government.
Moreover, the Office of Building Official was created to prevent corruption that existed before.
“Business will come if it is easy for them, and here in Iloilo City we have gone to great lengths to make sure of the same,” said Treñas./PN
