TACLOBAN: This city posted the fastest economic growth of 13.8 percent in 2022 among the seven economies in the Eastern Visayas region, the Philippine Statistics Authority (PSA) reported on Friday.

The figure is more than double the 2021 data of 6.6 percent, PSA Eastern Visayas regional director Wilma Perante said in her report.

The primary contributors to the city’s economic growth were wholesale and retail trade (20.8 percent), financial and insurance activities (11.1 percent), and transportation and storage (10.6 percent).

‘The surge in economic growth denotes a continued upward trajectory for Tacloban City, emphasizing its ability to bounce back and thrive amidst global uncertainties,’ the city government said in a press statement.

The 2022 PSA report covers 82 provinces and 17 highly urbanized cities across 16 regions of the country.

The reports showed 7.7 percent economic growth in Northern Samar, 6.9 percent in Eastern Samar, 6.8 percent in Samar, 5.9 percent in Leyte, five percent in Biliran, and
3.9 percent in Southern Leyte province.

‘The Gross Domestic Product of provinces and highly urbanized cities provides a suitable measure of economic performance at the subregional level. This will provide our stakeholders in the government and private institutions, as well as those in the academe with sound indicators for evidence-based policies at the local level,’ Perante said in a phone interview.

The results covering the period 2018 to 2022 were consistent with the annual regional accounts released on April 27, 2023, where the region posted 6.8 percent economic growth.

Tacloban is the regional capital of Eastern Visayas and the only highly urbanized city in the region.

The city has a population of 251,881, making it the most populous city in the region.
Source: Philippines News Agency