WESTERN VISAYAS POSTS 4.3% ECONOMIC GROWTH IN 2024 – PSA

Western Visayas, which is now composed of Panay and Guimaras Islands, posted a 4.3 percent economic growth in 2024. The Philippine Statistics Authority (PSA) Regional Statistical Services Office 6 headed by OIC Regional Director Nelida C. Amolar reported that the economy of Western Visayas grew by 4.3 percent which is valued at Php 641.76 billion during the 2024 report on the economic performance of the region held on April 22, 2025 at Bien Hall, Sam’s 21 Hotel, Iloilo City. The 2024 growth is slower than the 6.8 percent recorded in 2023. The 2024 economic performance of Western Visayas excludes Negros Occidental and Bacolod City following the enactment of Republic Act 12000 or the Negros Island Region Act.

Based on available data, the performances of all industries in the region posted growth, except for agriculture, forestry and fishing (AFF), which dropped to -7.3 percent. 

National Economic and Development Authority (NEDA) 6 Regional Director Engr. Arecio A. Casing Jr., said that the decline of the contribution of agriculture, forestry and fishing to the economy was a priority agenda during the Regional Development Council meeting attended by President Ferdinand “Bongbong” Marcos Jr. himself last February 13, 2025 in Iloilo City.  

For 2024, Western Visayas is the 8th largest economy among the 18 regions in the country with a share of 2.9 percent of the national gross domestic product (GDP). The following industries posted double-digit growth: professional and business services at 13.7 percent; electricity, steam, water and waste management at 13. 5 percent; human health and social work activities at 13.5 percent; and accommodation and food service activities at 10.4 percent. 

The economic performance of the region is measured annually using the production approach or the gross Regional Domestic Product (GRDP) and expenditure approach or the Gross Regional Domestic Expenditure (GRDE). In 2024, gross capital formation posted the fastest growth among expenditure items at 11.1 percent. Meanwhile, government spending grew by 7.5 percent; household spending posted a 3.3 percent growth; imports and exports of goods and services expanded but at a slower pace, registering 2.7 percent and 1.3 percent growth, respectively.  

The news conference was attended by representatives from the regional line agencies, local government units (LGUs), academe, private sector and members of the local media.