It’s not a bad break up after all, as Western Visayas posted economic growth by 4.3 percent in 2024, reaching a value of P641.76-billion amidst the separation of Negros Occidental and Bacolod City from the region.
National Economic and Development Authority (NEDA) Western Visayas regional director Arecio Casing Jr. noted the reduced Gross Regional Domestic Product from 6.8 percent in 2023 to 4.3 percent in 2024 was expected due to the separation of Negros Occidental.
“We are still on track because our 2024 GRDP (without Negros Occidental and Bacolod City) is still higher by more than P26 – billion than in 2023 at P615.29 -billion” he said.
Casing said the 2024 GRDP fell short of the 6–7 percent target growth rate yet the region is still on track and saw a real increase in value, signaling continued, although slower, economic progress.
The Services sector accounted for the largest share of the region’s economy at 66.5 percent.
This was followed by the Industry sector with 19 percent and Agriculture, forestry, and fishing (AFF) with 14.5 percent, showing a continued downtrend performance since the previous year.
Casing also identified AFF as the most challenged sector, with continued decline over two years.
Palay, corn, and abaca production dropped due to prolonged El Niño, while crops like watermelon and mango had modest growth.
Cacao production emerged as the region’s standout crop with an impressive 51 percent increase in production volume.
The NEDA official likewise emphasized that the region has an improved poverty situation with the separation of the two LGUs, from a double digit poverty incidence in 2021 to a single digit in 2023.
“This makes Western Visayas the only region outside Luzon with a poverty incidence below the national rate of 10.9 percent,” he added.
The region ranked 8th among 18 regions in terms of economic size.AAL/ED/PIA6
