The Western Visayas’ economy was valued at P1.024 trillion in 2023, joining the small group of one-trillion regional economies, according to the latest report of the Philippine Statistics Authority (PSA).
The regional economy grew by 7.2 percent and ranked second-fastest, following closely the Central Visayas Region with 7.3 percent, the National Economic and Development Authority 6 (NEDA 6) reported in its website.
The region also surpassed the Western Visayas Regional Development Plan target growth rate of 6.0 to 7.0 percent as well as that of the National Capital Region and the national average, which stood at 4.9 percent and 5.5 percent, respectively, it said.
Broken down by major industries, the services industry comprised the biggest share of the region’s economy at 62.7 percent valued at P770.7 billion, followed by industry at 21.6 percent with P220.9 billion, and agriculture, forestry and fishing (AFF) at 15.7 percent with P161.3 billion, the NEDA said.
All industries sustained positive growth except for AFF which further declined to negative 3.7 percent from negative 1.9 percent in 2022. The region continued to be the fifth largest economy among all regions with its 4.9 percent share to the Gross Domestic Product of the country, it said.
In his statement, Regional Director Arecio Casing Jr. of the National Economic and Development Authority (NEDA) Region VI underscored the priority strategies to support and sustain the economic success of the region by engaging both the public and private sector.
These strategies focused on enhancing connectivity and the innovation ecosystem, utilizing e-commerce platforms and digital payment modalities, improving investment promotion, harnessing research and development, expediting power or energy projects, promoting creative tourism, and responding to talent and skills requirements of existing and emerging industries, he said.
Casing also cited the infrastructure flagship projects which will spur economic activities and hasten economic development in the region.
These projects include the Bacolod-Negros Occidental Economic Highway, Boracay Circumferential Road and Jalaur River Multipurpose Project Stage II, Iloilo-Capiz-Aklan Expressway (ICAEx), Panay-Guimaras-Negros (PGN) Inter-Island Link Bridge, Panay River Basin Integrated Development Project (PRBIDP), and the upgrading and improvement of the Iloilo International Container Port, Iloilo-Santa Barbara Bus Rapid Transit and Panay Railway System, he said.*