Negros Occidental province and Bacolod City registered economic growth in 2024, although slower compared to their performance in 2023, data released Tuesday, Oct. 7, by the Philippine Statistics Authority (PSA) showed.
The economic data were presented by the PSA during a Provincial Product Accounts Dissemination Forum in Bacolod City.
“Bacolod City’s economy reached PHP157.37 billion in 2024, marking a 7.7 percent growth that reflects the continuing impact of our governance reforms and economic initiatives during my term as mayor. We remain committed to advancing programs that promote sustainable development and ensure that Bacolod’s progress benefits every sector of our community, Bacolod Rep. Alfredo Abelardo Benitez said.
PSA-Negros Occidental chief statistical specialist Diesah Biaco said the economy of Negros Occidental grew by 5.1 percent in 2024, valued at PHP277.19 billion.
However, the growth was slower than its 7.0 percent in 2023, with a value of PHP263.76 billion.
Services contributed 51.8 percent share to the province’s economy; followed by industry, 30.2 percent; and agriculture, forestry and fishing, 18 percent.
Among the industries, the fastest growth was posted in construction with 20.3 percent, followed by other services, 12.4 percent; human health and social work activities, 10.9 percent; and accommodation and food services, 10.1 percent.
Industry sector posted the highest growth at 11.9 percent, while services followed, 7.6 percent.
Agriculture, forestry and fishing posted a decline of 10.1 percent.
“Our growth was driven primarily by the industry sector, which expanded by 11.9 percent, the fastest among all sectors. This was largely due to sustained construction activity, healthy manufacturing, and continued infrastructure investments under the provincial government and our local government units,” the Provincial Planning and Development Office said in a statement.
Highlights of Bacolod’s economic performance presented by Ma. Goretti Novilla, chief statistical specialist of PSA-Negros Island Region, showed the city’s economy posted a 7.7 percent growth in 2024 valued at PHP157.37 billion.
Still, it was slower than the 10 percent growth in 2023, which was valued at PHP146.09 billion.
In terms of the industries, human health and social work activities recorded the fastest growth with 14.7 percent; followed by construction, 12.4 percent; and wholesale and retail trade, repair of motor vehicles and motorcycles at 11.24 percent.
The top three industries by percentage share to the economy were wholesale and retail trade, repair of motor vehicles and motorcycles, 21.6 percent; manufacturing, 12 percent; and financial and insurance activities, 10.8 percent.*PNA