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| Tacloban City emerges as an economic powerhouse, recording the highest growth rate in the Eastern Visayas region, bolstered by trade, finance, and transport sectors. File photo. |
TACLOBAN CITY – According to the Philippine Statistics Authority (PSA) report released on Friday, Tacloban City, the sole highly urbanized city in Eastern Visayas, surged ahead with an impressive 13.8% economic growth in 2022, surpassing all other economies in the region.
Wilma Perante, PSA Eastern Visayas regional director, highlighted that the city's economic growth rate more than doubled the 2021 figures of 6.6%. Perante identified key contributors to this growth, citing a substantial 20.8% surge in wholesale and retail trade, an 11.1% increase in financial and insurance activities, and a 10.6% expansion in transportation and storage sectors.
In response to the remarkable growth, the city government stated, "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 PSA report covered 82 provinces and 17 highly urbanized cities across 16 regions, indicating positive economic growth rates across Eastern Visayas. Notably, other provinces showcased growth rates: Northern Samar at 7.7%, Eastern Samar at 6.9%, Samar at 6.8%, Leyte at 5.9%, Biliran at 5%, and Southern Leyte at 3.9%.
Perante emphasized that these Gross Domestic Product figures offer vital insights for policymakers, stakeholders in government, private institutions, and the academic sector, aiding evidence-based policy formulation at the local level.
Consistent with earlier annual regional accounts released in April 2023, the region had posted a 6.8% economic growth rate covering the period from 2018 to 2022.
With a population of 251,881, Tacloban City stands as the most populous city in Eastern Visayas, serving as the region's hub for trade, commerce, education, culture, and tourism. —iTacloban (with reports from PNA)