The newly-established Negros Island Region (NIR) has positioned itself as one of the fastest-growing regional economies in 2024 after logging an economic growth of P636.37 billion.
This figure, which is 5.9 percent higher than the region’s economic performance in 2023 at P601.02 billion, surpassed the national average of 5.7 percent and even outpaced the growth rate of the National Capital Region and Calabarzon (Cavite, Laguna, Batangas, Rizal, and Quezon), both at 5.6 percent.
According to Philippine Statistics Authority (PSA) NIR Interim Regional Director John Campomanes, this makes NIR the country’s seventh fastest-growing regional economy.
Campomanes said that the major sectors contributing to NIR’s robust economic performance last year were services at 64.6 percent share, industry at 22.3 percent, and agriculture, forestry and fisheries (AFF) at 13.1 percent.
The services sector includes wholesale and retail trade, repair of motor vehicles, financial and insurance activities, transportation and storage, financial and insurance activities, and professional and business services, among others.
Meanwhile, the industry sector recorded the most rapid expansion at 9.8 percent, driven by activities in construction, mining and quarrying, manufacturing, and utilities, such as electricity, water, and waste management.
On the other hand, despite having the third-largest share in the regional economy, the AFF sector posted a decline of 10.3 percent.
Chief Economic Development Specialist Marlon Jinon from the National Economic and Development Authority (NEDA)-NIR attributed the lower agricultural production to the El Niño phenomenon, rising irrigation costs, soil contamination, delayed planting seasons, and ashfall from Kanlaon Volcano’s eruptions.
Regardless, Jinon said NIR’s economy thrived in 2024, indicative of flourishing local economic activities as seen through the rapid growth rates of industries, particularly construction.
“This growth signifies increased infrastructure development, utility expansion and broader industrial activity,” he added, noting that improvements in industries create more job opportunities for the public.
Jinon then stressed that NIR’s strong economic performance, when sustained, would attract more investments, fueling further economic progress for the region and its people.
“Organizing the NIR RDC [Regional Development Council] and formulating the RDP [Regional Development Plan] are crucial, providing a structured approach to addressing challenges and ensuring a resilient and inclusive growth aligned with the needs of the NIR’s population,” he pointed out, urging government agencies, local government units and other stakeholders to work closely together in achieving the nation’s vision of a “Matatag, maginhawa at panatag na buhay para sa lahat.” (PIA-Negros Occidental)