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Iloilo City soars with highest per capita GDP in Western Visayas

Iloilo City is shining brightly as the economic crown jewel of Western Visayas, boasting the highest per capita GDP in the region for 2022. This impressive achievement translates to each Ilonggo generating an average of P306,000 in value added through production of goods and services throughout the year. This figure significantly surpasses the regional average of P118,000, showcasing Iloilo City's economic prowess.

While Bacolod City also holds its own with a respectable P214,000 per capita GDP, Iloilo City takes the lead with a 15.2% share of the region's P955 billion GDP. Iloilo City's dynamism extends beyond overall GDP, contributing a remarkable 21.7% to the region's P582 billion service sector, compared to Bacolod's 17.2% share.

Mayor Jerry TreƱas praised the collaborative efforts of Ilonggos and their dynamic partners in propelling the city's continued progress. "Our common efforts to attract investors and propel economic activities have paid off. The productive results will strengthen the city's standing as a leading investment destination and sustain the momentum of continued development for the benefit of Ilonggos."

Iloilo City's economic engine is fueled by a diverse range of service sectors, including wholesale and retail trade, transportation and storage, information and communication, and professional and business services. Notably, the city's tourism industry has experienced a phenomenal surge, with tourist arrivals skyrocketing by 255% since the pandemic.

Iloilo City's economic vibrancy is further evidenced by its robust investment climate. Total investments soared by a staggering 65% in 2022, while the gross sales of registered firms grew by a healthy 5.65%. Additionally, the number of new businesses increased by an impressive 26.71%, demonstrating the city's thriving entrepreneurial spirit.

With an employment rate that climbed to 95.1% from 89.4% in 2021, Iloilo City is clearly prioritizing the well-being of its residents by creating ample livelihood and job opportunities. This focus on human capital development is sure to fuel the city's continued economic ascent in the years to come.

Iloilo City's story is one of resilience, collaboration, and a unwavering commitment to progress. By leveraging its diverse economy, fostering a welcoming investment climate, and investing in its people, Iloilo City has cemented its position as a shining example of economic success in the Philippines. The city's future is undoubtedly bright, and its residents can look forward to reaping the rewards of their collective efforts for years to come.

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