Business

Iloilo’s Economy Bounces Back from COVID-19 Impact

The economy of Iloilo has rebounded from the impact of the COVID-19 pandemic, according to data from the Philippine Statistics Authority (PSA-6). In 2021, the province posted a 4.5% economic growth rate, a significant improvement from the negative growth rate of -6.0% recorded in 2020. The services sector saw the highest growth at 6.1%, followed by agriculture at 3.8% and industry at 1.7%. These sectors also contributed the most to the province’s economic growth, with the services sector accounting for 3.1 percentage points, agriculture, forestry, and fisheries contributing 1.1 percentage points, and industry contributing 0.4 percentage points. The province’s gross domestic product (GDP) was valued at P190 billion in 2021, an increase from the P181 billion recorded in 2020.

In Iloilo City, the economy grew by 6.8% in 2021, a significant improvement from the -12.8% growth rate recorded in 2020. The services sector saw the highest growth at 7.5%, followed by industry at 2.5% and agriculture, forestry, and fisheries at 1.9%. These sectors also contributed the most to the city’s growth, with the services sector accounting for 6.5 percentage points, agriculture, forestry, and fisheries contributing 0.06 percentage points, and industry contributing 0.3 percentage points. The city’s GDP was valued at P132 billion in 2021, higher than the P123.9 billion recorded in 2020. According to PSA-6, Iloilo City had the highest per capita GDP/GCDP at P280,356 among the eight economies in Western Visayas in 2021.

The economy of Iloilo has shown signs of recovery from the impact of the COVID-19 pandemic, with both the province and the city experiencing significant growth in 2021. While the economy has not yet surpassed its pre-pandemic growth rate, it is on the way to recovery.

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