Western Visayas economy cools to 4.3% in 2024, signals post-recovery stabilization

ILOILO City – After two years of rapid rebound from the pandemic, Western Visayas’ economic expansion moderated to 4.3 percent in 2024, signaling a phase of stabilization rather than slowdown, according to data from the Philippine Statistics Authority (PSA).

The region’s Gross Domestic Product (GDP) reached ₱641.76 billion last year, up from ₱615.47 billion in 2023. The figure reflects a shift from the sharp 7.3 percent growth recorded the previous year — a pace that PSA Iloilo Supervising Statistical Specialist Engr. Jerry Dulutan said was driven by a “high base effect” from the post-pandemic surge.

“The 4.3 percent growth rate is more modest compared to last year’s high base, but it indicates that Western Visayas remains on a steady growth path,” Dulutan said during a press briefing on October 7. “We are seeing a normalization of economic activities as industries adjust to more stable market conditions after a period of rapid recovery.”

Iloilo City leads region’s growth

Iloilo City emerged as the region’s fastest-growing economy in 2024 with a 7.1 percent expansion, propelled by strong performance in services, trade, and real estate. It was followed by Aklan (6.0%) buoyed by the continued recovery of its tourism sector, Capiz (5.0%), Antique (4.4%), Guimaras (3.9%), and Iloilo Province (1.4%).

In terms of economic weight, Iloilo Province contributed the largest share to the regional economy at 34.1 percent, trailed by Iloilo City (26.7%), Capiz (13%), Antique (11.8%), Aklan (11.5%), and Guimaras (2.8%).

Services sector remains backbone

Dulutan noted that the services sector continued to anchor the region’s expansion, driven by trade, accommodation, information technology, and transportation.

“The services industry remains the backbone of the regional economy, while agriculture and manufacturing continue to provide employment and support rural livelihoods,” he added.

Outlook: Moderate but steady

Despite the tempered growth rate, PSA officials remain optimistic. The region’s medium-term outlook is seen to stay favorable, underpinned by ongoing public infrastructure projects, growing investments in renewable energy, and the sustained rebound of the tourism and construction sectors.

The PSA emphasized that Western Visayas’ current economic performance reflects not weakness but consolidation — a natural step after a period of sharp post-pandemic acceleration./PN

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