ILOILO City – Under the leadership of Mayor Jerry P. Treñas, with the strong support of the Iloilo City Council led by Vice Mayor Jeffrey Ganzon, Iloilo City has emerged as one of the Philippines’ most vibrant urban centers – a transformation driven by strategic governance, forward-thinking policies, and a firm commitment to inclusive progress.
The city’s infrastructure boom is evident in its modern commercial hubs, well-planned residential communities, and world-class public spaces, solidifying its reputation as an investor-friendly destination.
According to the Iloilo City Economic Development Committee (ICEDC), chaired by the city mayor, several key factors have driven the city’s real estate boom. Major property investors are expanding their reach beyond Metro Manila, while Iloilo City itself is witnessing rapid township and office space development.
Insights from Leechiu Property Consultants (LPC) on market prospects for 2025 cited Iloilo as one of the top three major office markets outside Metro Manila and Cebu.
Also, the city’s booming information technology-business process outsourcing (IT-BPO) and office sectors, competitive incentives for real estate developers, and availability of prime land for expansion have further propelled its upward trajectory.
BOOMING BUSINESS SECTOR, JOB CREATION
In recent years, Iloilo City has seen a steady rise in registered businesses, robust employment gains, and a surge in investments — key indicators of its dynamic and resilient economy, ensuring continued prosperity and long-term growth.
Data from the Local Economic Development and Investment Promotions (LEDIP) Office highlight the consistent increase in the number of registered businesses from 2022 to 2024.
Annual registrations have climbed from 17,300 in 2022 to 18,900 in 2023 and 19,600 in 2024, reflecting growth rates of 7.42%, 8.91%, and 3.55%, respectively. This steady rise has translated into greater employment opportunities for the Ilonggos.
As confirmed by the ICEDC, there is a continuous increase in employment rate in the metropolis from 94.6% in 2022 to 95.6% in 2023 and 96.2% in 2024 — underscoring the city’s ability to sustain livelihoods alongside business expansion.
“These achievements reflect our collective efforts. We actively work to attract investors because creating more job opportunities for our people means empowering them to improve their quality of life. Our goal is to ensure that progress is felt in every household across our community,” Mayor Treñas emphasized.
Iloilo City’s local economy has also benefited from a remarkable influx of investments. Total new investments soared from ₱3.99 billion in 2022 to ₱5.16 billion in 2023, reaching an impressive ₱8.17 billion in 2024 — marking respective growth rates of 16.56%, 29.22%, and 58.31%. This surge reflects the city’s strong investment climate and the increasing confidence of businesses in Iloilo’s potential.
In recent years, the Metro Pacific Waters is among the largest entities in Iloilo City with new business investments through its P5.5-billion desalination plant.
They were joined by notable companies such as SM Development Corporation, SM Prime Holdings, Inc., Heva Management and Development Corp., Carelon Global Solutions Philippines, Inc., Visayas Container Terminal Inc., Scheirman Construction Consolidated Inc., Westernland Property Development Inc., Young Builders Corporation, and many more.
Other major investors in the city, particularly in sectors like condominiums, BPOs, malls, and hotels, included Eon Realty Development Corporation, South Prime Inc., Urgonia Development Corporation, DBC Homes, Cebu Land Masters Development Corporation, Ayala Group of Companies, and Megaworld Corporation, among others.
Moreover, the financial health of Iloilo City’s enterprises remains on an upward trajectory, with gross receipts of registered firms reaching ₱147.65 billion in 2022, ₱173.11 billion in 2023, and ₱192.04 billion in 2024. These figures correspond to positive growth rates of 5.65%, 17.24%, and 10.94%, respectively, underscoring the expanding productivity of local businesses.
The city’s Gross Domestic Product (GDP) also has experienced substantial gains, climbing by 10.5% from ₱145.07 billion in 2022 to ₱160.28 billion in 2023. Similarly, Per Capita GDP saw a 10.2% increase, rising from ₱306,495 in 2022 to ₱337,805 in 2023 — indicating Iloilo City’s rising prosperity and sustained economic strength.
EFFICIENT PERMITTING AND DIGITAL INNOVATIONS
LEDIP head Velma Jane Lao emphasized that streamlined business processes, efficient permitting systems, and digital innovations have positioned Iloilo as a model for ease of doing business.
Recognized as one of the Most Business-Friendly cities in the Philippines, Iloilo City has created a welcoming atmosphere that encourages entrepreneurship and investment.
The local government has implemented policies that reduced bureaucratic hurdles, making it easier for enterprises to thrive.
One of the landmark initiatives of the city is its off-site payment centers in malls to make transactions more efficient and accessible to the public.
The payment centers cater to the renewal of business permits, assistance with the creation of Integrated Business Permits and Licensing System (iBPLS) accounts, assessment and payment for Real Property Tax (RPT), issuance of Community Tax Certificate or cedula, and other permit-related issuances including Fire Safety Inspection Certificate (FSIC), Sanitary Permit, Tourism License, Boarding House, and IGCAPP permits.
TAX INCENTIVES, DISCOUNTS
In line with the city government’s broader mission of fostering a business-friendly environment and driving sustainable growth, it has extended the implementation of 40% discount on RPT for land until 2026.
This move offered a much-needed tax relief for businesses and stakeholders, amid the adjustments on RPT based on updated market values.
Also, Iloilo City has strengthened its support for the IT- BPO industry with a newly approved RPT Incentive Ordinance.
Authored by Councilor Miguel Treñas, the ordinance aims to attract investors, expand job opportunities, and boost economic growth by providing 100% RPT exemptions to developers awaiting accreditation from the Philippine Economic Zone Authority (PEZA).
Iloilo-based business groups and stakeholders like the National ICT Confederation of the Philippines (NICP) – Iloilo Federation for Information Technology Inc., or Iloilo ICT Council and the Iloilo Economic Development Foundation (ILEDF) commend this move.
“This ordinance is a testament to Iloilo City’s dedication to creating an environment that supports innovation and entrepreneurship. By providing tax relief to BPO developers, we are not only attracting investments but also empowering our local workforce with more opportunities,” ILEDF Chairman Engr. Terence Uygongco said.
Presently, Iloilo is home to 118 Information Technology and Business Process Management (IT-BPM) companies that collectively employ 47,200 full-time workers. This marks a dramatic expansion from 2014, when only 15 firms operated in the city, providing jobs to 11,000 employees. The sector’s growth has also fueled a surge in indirect employment, reaching 188,800 jobs in 2024 — a remarkable leap from just 44,000 in 2014.
Meanwhile, recognized as a UNESCO Creative City of Gastronomy, Iloilo City’s rich culinary heritage continues to drive its rapid growth, attracting both visitors and investors alike.
It has also emerged as an ideal retirement hub, with many choosing to settle in the metro for its high quality of life, accessibility, and welcoming community.
The city’s booming hospitality sector further supports this transformation, fueling the development of hotels, restaurants, and mixed-use establishments that cater not only to tourists and investors but also to those looking to make Iloilo City their long-term home./PN
