The economy of the newly-formed Negros Island Region (NIR) expanded by 5.9 percent in 2024, with an estimated value of P636 billion, data from the Philippine Statistics Authority (PSA) on Tuesday, April 22, showed.
At constant 2018 prices, last year’s gross regional domestic product is higher by P35.35 billion compared to the value in 2023.
“This makes the NIR the seventh fastest growing region in the country,” PSA-NIR Interim Regional Director John Campomanes said in his presentation of the highlights of the region’s economic performance at the Nature’s Village Resort in Talisay City.
In June last year, President Ferdinand R. Marcos Jr. signed into law Republic Act 12000 or the NIR Act, creating a new administrative region comprising the provinces of Negros Occidental, including the highly-urbanized Bacolod City, Negros Oriental and Siquijor.
The PSA-NIR report showed that in 2024, all industries exhibited positive growth except for the agriculture, forestry, and fishing sectors, which declined by 10.3 percent with an estimated annual value of P83.39 billion compared to P92.94 billion in 2023.
“The regional economy showed broad-based growth, with all industries expanding,” Campomanes said.
Construction had the highest growth of 19.0 percent, followed by double-digit growths in human health and social work activities (12.8 percent); other services (12.1 percent); accommodation and food service activities (11.8 percent); and professional and business services (11 percent).
Based on the economic structure, the top three industries with the largest share of the regional economy are wholesale and retail trade and repair of motor vehicles and motorcycles at 21.8 percent; agriculture, forestry, and fishing (13.1 percent); and manufacturing (11.3 percent).
Marlon Jinon, chief economic development specialist and team leader of National Economic and Development Authority (NEDA)-NIR, said the new region’s economic growth rate of 5.9 percent surpasses the national average of 5.7 percent, even outpacing National Capital Region and Calabarzon with identical 5.6 percent growth.
“Now, the central question is whether the NIR is achieving its intended outcomes. The data indicates a strongly affirmative response,” he said.
Noting the decline experienced by the agriculture, forestry, and fishing sectors, Jinon said it is mainly attributed to the 14.4 percent decrease in sugarcane production, from 13.69 million metric tons in 2023 to only 11.72 million metric tons in 2024.
Palay production also saw a decline of about 45 percent in Siquijor and 11.9 percent in Negros Occidental, although Negros Oriental recorded an increase of 7 percent.
Across all provinces, corn production fell sharply by 47.8 percent.
“These adverse outcomes were largely attributed to El Niño-induced dry spells, ashfall from the June 2024 Mt. Kanlaon eruption, heat stress, delayed planting seasons, rising irrigation costs, and soil contamination,” Jinon said.
Jinon said sustaining inclusive economic growth will depend on the ongoing recovery in tourism, major infrastructure developments, agricultural modernization, and improvements in logistics, digital connectivity, and human capital.
“Organizing the NIR Regional Development Council and formulating the Regional Development Plan are crucial in this context, providing a structured approach to addressing these challenges and ensuring resilient and inclusive growth aligned with the needs of the NIR’s population,” he said.*PNA