The Iloilo City Government is moving towards the right direction in its pursuit of becoming more inclusive and future-ready, evidenced by its 7.1 percent economic growth in 2024, according to Local Economic Development and Investment Promotion (LEDIP) head Velma Jane Lao.
“The data validates our focus on strengthening services while nurturing manufacturing and exports. With the PPA (Provincial Product Accounts) data, we can now refine our interventions — ensuring resources go where they are most needed,” Lao said in a follow-up interview on Wednesday, Oct. 8.
During the dissemination forum for PPAs of the city and province of Iloilo on Tuesday, Oct. 7, the Philippines Statistics Authority (PSA) said the city’s growth, although slower when compared with the 10.4 percent in 2023, is the fastest among the provinces and highly urbanized cities in Western Visayas.
The city’s Gross Domestic Product is valued at P171.57 billion from P160.20 billion in 2023.
The fastest growth was observed in professional and business services with 14.6 percent; electricity, steam, water and waste management and human health and social work activities at 13.1 percent and 12.5 percent, respectively.
Agriculture, forestry and fishing (AFF), however, declined 9 percent.
Based on the PPA, Iloilo City is “predominantly a service-based economy,” with 88.3 percent share in the total output, while AFF has 2.1 percent and 9.6 percent for industry.
“This also highlights the need for diversification. The manufacturing and export sectors remain underrepresented and hold enormous untapped potential,” Lao said.
To address the gap, she said Iloilo City, in partnership with the Iloilo Economic Development Foundation (ILEDF), is exploring the development of export-oriented industries, particularly engineered bamboo, under the Bamboo Industry Development Strategic Plan.
“This initiative aims to position Iloilo as Southeast Asia’s Bamboo Powerhouse by 2030, linking farmers and entrepreneurs in a green, circular economy model and taking advantage of the fully operational Visayas Container Terminal, or Iloilo International Seaport, which opens vast opportunities for the manufacturing and export industry,” she said.
They are also working with the Department of Education and the Commission on Higher Education to enhance language, digital, and critical thinking skills among students and align education with industry needs.
She noted that the Information Technology-Business Process Management industry employs over 50,000 in Iloilo.
Meanwhile, Lao said the RISE Iloilo City Roadmap, consisting of three core pillars — Rising Health and Social Services, Rising Economy, and Rising Livability — fueled the growth.
Among the key drivers are strategic infrastructure development, booming business process outsourcing sectors, strong education sector, diversification from the agriculture sector, real estate and urban development, good governance and tourism.PNA
