Western Visayas economy grows 4.3%, down from 7.2% excluding Negros Occidental

The economy of Western Visayas grew by 4.3 percent in 2024, down from a previous year's growth rate of 7.2 percent when including Negros Occidental.

Nelida Amolar from the Philippine Statistics Authority attributed the slowdown to the exclusion of Negros Occidental and Bacolod City, now part of the Negros Island Region, noting that Western Visayas had a 2.9 percent share of the national GDP in 2024.

Despite the lower growth rate, Western Visayas remains the eighth largest economy in the country with a gross regional domestic product (GRDP) of PHP641.76 billion, an increase from P615.29 billion recorded in 2023.

All industries except agriculture, forestry, and fishing experienced growth; the latter contracted by 7.3 percent due to prolonged El Niño affecting palay, corn, and abaca production.

Several industries posted double-digit growth in 2024: professional and business services (13.7%), electricity, steam, water, and waste management (13.5%), human health and social work activities (13.5%), and accommodation and food service activities (10.4%).

National Economic and Development Authority's Arecio Casing noted that Western Visayas is still growing but at a more conservative pace compared to previous years.

Cacao emerged as a standout crop with a 51 percent increase in production volume, highlighting the region's potential for high-value crops.