Iloilo City has once again emerged as the fastest-growing economy in Western Visayas, posting a gross domestic product (GDP) of P171.57 billion in 2024, according to the Philippine Statistics Authority (PSA). The city’s economy expanded by 7.1 percent last year, the highest among all provinces and highly urbanized cities in the region, followed by Aklan with 6.0 percent and Capiz with 5.0 percent.
PSA Iloilo Officer-in-Charge Jerry Dolutan shared that while the city’s growth rate was slightly lower than its 10.4 percent expansion in 2023, it remains a strong indicator of resilience and progress amid national and global challenges.
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A Roadmap for Inclusive and Sustainable Growth
Velma Jane Lao, head of the Local Economic Development and Investment Promotion Office, attributed Iloilo’s robust performance to its strategic development blueprint.
“Our RISE Iloilo City roadmap, under the leadership of Mayor Raisa Treñas, consists of three core pillars: Rising Health and Social Services, Rising Economy, and Rising Livability. This roadmap serves as the guiding framework for every program and project we undertake,” Lao explained.
She added, “We consider it a success when governance, innovation, and collaboration come together, enabling our city to rise above challenges and build a sustainable, inclusive future.”
The city’s services sector remains its economic backbone, accounting for 88.3 percent of total output. Meanwhile, the industry sector also posted gains, while agriculture, forestry, and fishing (AFF) contracted by 9 percent. Lao emphasized that as a service-driven city, Iloilo needs to pursue diversification.
“The manufacturing and export sectors remain underrepresented and hold enormous untapped potential,” she noted.
Expanding Industries and Long-Term Vision
Iloilo City is partnering with the Iloilo Economic Development Foundation to develop export-oriented industries like engineered bamboo under the Bamboo Industry Development Strategic Plan. The initiative envisions Iloilo as the “Bamboo Powerhouse of Southeast Asia” by 2030, linking farmers and entrepreneurs through a green, circular economy supported by the Visayas Container Terminal to boost exports and manufacturing.
While the city continues to surge ahead, the province of Iloilo posted the slowest economic growth in Western Visayas at 1.4 percent in 2024—below the regional average of 4.3 percent. Despite this, the province remains the largest contributor to the region’s P641.76-billion economy, accounting for 34.1 percent, with Iloilo City contributing 26.7 percent.
Dolutan noted that Iloilo City’s per capita GDP reached P362,179, representing the estimated average economic contribution of each individual. Iloilo province, meanwhile, recorded P105,087 per capita GDP.
As the city pushes for innovation and diversification, Iloilo continues to stand as a model for balanced, inclusive, and forward-thinking economic growth in Western Visayas.
