By Xander Ledesma
Bacolod City and the province of Negros Occidental posted robust economic growth in 2023, with both areas showing significant improvements across various industries, according to data released by the Philippine Statistics Authority (PSA) on Tuesday.
During the 2024 Provincial Product Dissemination of Accounts Forum held at Park Inn by Radisson Hotel, the PSA highlighted Bacolod City’s 10% economic growth, the second-highest among economies in Western Visayas. The city’s gross domestic product (GDP) increased to PHP146.09 billion in 2023, up from PHP132.84 billion in 2022.
All 16 production industries in Bacolod City recorded growth, with the accommodation and food services sector leading at 31.5%, followed by transportation and storage at 20.2%, and other services at 16.9%. The top contributors to the city’s economy were wholesale and retail trade, accounting for 21% of the GDP; manufacturing at 12.7%; and financial and insurance activities at 10.9%.
In terms of major industries, services dominated with a 75.7% share of Bacolod’s GDP, while industry contributed 19.8% and agriculture, forestry, and fishing accounted for 4.5%.
Meanwhile, Negros Occidental’s economy expanded by 6.9% in 2023, slightly faster than the 6.8% growth recorded in 2022. The province’s GDP reached PHP263.52 billion, an increase of PHP17.10 billion from PHP246.2 billion the previous year.
The PSA noted that Negros Occidental held the largest share of the Western Visayas regional economy, contributing 25.7%. Bacolod City accounted for 14.3% of the regional GDP.
The province’s top economic contributors were agriculture, forestry, and fishing, making up 21% of its economy, followed by wholesale and retail trade at 17.3% and manufacturing at 13.8%.
The PSA’s data underscores the dynamic economic activities in Bacolod City and Negros Occidental, driven by growth in services, trade, and agriculture. These figures highlight the significant role of the two areas in bolstering the overall economy of Western Visayas.