The highly urbanized Bacolod City and the province of Negros Occidental posted strong economic performance in 2023, data released by the Philippine Statistics Authority (PSA) showed yesterday.

Last year’s growth numbers of the city and the province were presented by the PSA, through its Negros Occidental Provincial Statistical Office, during the 2024 Provincial Product Dissemination of Accounts Forum held at a hotel in Bacolod.

“The economy of the City of Bacolod grew by 10 percent in 2023, the second-fastest growth among the economies in Western Visayas,” the PSA reported.

Figures further indicated that in terms of level, the value of the city’s economy increased to P146.09 billion in 2023 from only P132.84 billion in 2022.

This shows that Bacolod registered an economic growth of 10 percent, with a gross domestic product (GDP) of P146.09 billion in the previous year.

In Bacolod, all 16 production industries recorded growth in the past year. Among the fastest growths were observed in accommodation and food services, 31.5 percent; transportation and storage, 20.2 percent; and other services, 16.9 percent.

The top three industries with the largest share of the city’s GDP are wholesale and retail trade, mainly repair of motor vehicles and motorcycles, 21 percent; manufacturing, 12.7 percent; and financial and insurance activities, 10.9 percent.

In terms of the share of major industries to the city’s GDP of P146.09 billion, services contributed the highest at 75.7 percent, while industry, and agriculture, forestry and fishing, 19.8 percent and 4.5 percent, respectively.

Meanwhile, the economy of Negros Occidental expanded to 6.9 percent in 2023, faster than the 6.8 percent growth in the previous year, the PSA data showed.

It added that the province’s GDP in 2023 reached P263.52 billion, higher by P17.10 billion compared to only P246.2 billion in 2022.

“Among the economies in Western Visayas, Negros Occidental had the biggest share in the regional economy, accounting for 25.7 percent,” the PSA reported, adding that Bacolod City, which is in fourth place, contributed 14.3 percent.

In Negros Occidental, the top three industries with the biggest share of the province’s economy are agriculture, forestry and fishing, 21 percent; wholesale and retail trade, 17.3 percent; and manufacturing, 13.8 percent. (PNA)