The economy of Iloilo bounced back from the impact of the coronavirus disease 2019 (COVID-19) pandemic, which broke out in March 2020.
Based on data from the Philippine Statistics Authority (PSA-6), the province of Iloilo posted an economic growth rate of 4.5% in 2021, higher compared to 2020’s -6.0%.
“After the pandemic, it gradually recovered although it has not surpassed our 2019 growth. But it is near,” said Jerry Dolutan, officer-in-charge (OIC) of the Provincial Statistical Office.
The services sector had the highest growth at 6.1%, followed by the agriculture sector at 3.8%, and the industry sector at 1.7%.
It was also the top contributor to province’s economic growth accounting for 3.1 percentage points. The agriculture, forestry and fisheries sector and the industry sector contributed 1.1 percentage point and 0.4 percentage, respectively.
The province’s gross domestic product (GDP) was valued at P190 billion, higher compared to 2020’s P181. billion.
On the other hand, the economy of the city grew by 6.8% last year, higher than -12.8% in 2020.
The services sector registered the highest growth at 7.5%, followed by the industry sector ar 2.5 percent, and the agriculture, forestry and fisheries sector at 1.9%.
It also contributed the highest percentage points to the city’s growth at 6.5, followed by the agriculture, forestry and fisheries sector (0.06) and the industry sector (0.3).
The city’s GDP was valued at P132. billion last year, higher than the P123.9 billion value in 2020.
According to PSA-6, Iloilo City recorded the highest per capita GPDP/GCDP of P280, 356 among the eight economies in Western Visayas last year.
“Per capita GPDP is the average contribution of each individual to the city’s economy,” it said.IMT
