Also included in the top 5 contributors were Financial and insurance activities, Education and Information and Communication.
The rest of the industries, according to Dolutan, also, contributed positively to the growth of the province.
Human health and social work posted the fastest growth of 18.9 percent among the 16 industries in 2021 in the province.
ILOILO CITY
Dolutan said the economy of Iloilo City registered a growth of 6.8 percent in 2021 from a decline of -12.8 percent in 2020. This corresponds to an increase in the value of the Gross City Domestic Product (GCDP) from P123.9 billion in 2020 to P132.4 billion last year.
“The 2021 GCDP level is yet to reach the 2019 pre-pandemic level of P142.1 billion. This means that the city’s economy needs to grow by 7.4 percent in 2022 to attain the 2019 GCDP levels,” said Dolutan.
The main contributors to the 2021 GCPD were: wholesale and retail trade; repair of motor vehicles and motorcycles; Transportation and storage; Financial and insurance activities; and Human and social work activities.
Major economic industries namely; Agriculture, forestry and fishing; Industry and Services all posted growth in 2021 with 1.9 percent, 2.5 percent and 7.5 percent, respectively.
The city of Iloilo posted the highest per capita GDP of P280,356 among the 8 economies in Western Visayas last year. Per capita GPDP estimates the average contribution of each individual to the city’s economy.
PROVINCIAL PRODUCT ACCOUNTS
The PPA is a mechanism to compile the GPDP at the subregional level complementing the Gross Domestic Product at the national and the Gross Regional Domestic Product at the regional level. It provides a suitable measure of the economic performances of the province or highly urbanized cities.
“It will also be a source of indicators to monitor economic development at the local level,” said Dolutan.
Moreover, the PPA is also viewed as a means to strengthen the planning and decision-making of provincial and city policy makers and stakeholders in drafting more informed economic policies.
It covers 16 major industries classified according to the Philippine Standard Industrial Classification.
PSA completed the first release of the PPA for 14 provinces and six highly urbanized cities from three pilot regions in 2021.
This year, the compilation was expanded and included 32 provinces and seven HUCs from additional six pilot regions, namely, Cordillera Administrative Reion, CALABARZON, Western Visayas, Eastern Visayas, Davao Region and SOCCSKARGEN.
Since the Western Visayas is among the pilot regions in 2022, the province and city of Iloilo are included among the areas for the PPA compilation. (JBG/laf/PIA6-Iloilo)
