Iloilo Business Climate

 

Iloilo city is one of the top provinces in the Philippines, located among the islands of Visayas, Iloilo City has a tropical wet and dry climate, pronounced wet season from June throughout November; then dry season from December to May. According to the 2010 census, it is estimated the there are over 424,619 in population and has an average of 1.8% population growth rate annually. Iloilo City is further subdivided into 180 baranggays, making it one of the hotspots of the country for businesses. In fact, In the year 2003, there were 8,407 business establishments in the province! And out of that 8, 407 over 1,182 are new in that year alone! Making the total investment capital boosting up to P365,506,020.92. And, incase you are wondering about the employed person type? 82% of the working unit belongs to the service sector, 14% belongs to the industry sector and 4% to the agricultural. Although the Philippines is an agricultural country only 4% of the working community is under the agricultural sector, clearly showing that Iloilo is a highly innovative province. Indeed, Iloilo can be the best place to invest! Iloilo has also been labeled as the “Tiger Economy” Business leaders from the member-states of the Asia- Pacific Economic Cooperation last 2015 have expressed support for the proposed Iloilo Action Initiative, which seeks to develop the Internet and digital economy ecosystem and agenda in the region. One of the goals of this action is to capture a 33.4 percent share of the global e-commerce sales. These e-commerce growth could surely attract foreign investors and broaden the business networks and increase the economic status of the province. As the APEC summit was processed, the door to economic boost for the province of Iloilo will be at hand.

Iloilo is the place to be! If you want a genuine Filipino experience of its exotic cuisine and unique festivals, then Iloilo is the place to go. Ilonggos are known for their passion for food. A quick business tip? Food related businesses can really catch the attention of consumers. Well, all these are just some facts and information about the current state the economic health Iloilo has. But how healthy and reliable is the business climate here?

Iloilo has a business-friendly environment, as of this moment, the biggest single project of the Gaisano capital groups was inspired to invest their money because of the friendly athmosphere in Iloilo. The Gaisano capital groups was attracted by the solid governance of the Iloilo City governance, with a good governance, comes a healthy sphere for the business community. The Gaisano group has invested P12 Billion for a mixed use commercial and residential complex that will be as high as 40-storey tower hotel! Mall, offices, medical clinics, school, entertainment, etc.. you name it they have it! But there is more! It will be surrounded by a man-made lagoon. Such a huge investment! This project is expected to generate more than 10,000 jobs for ilonggos. Still not convinced? Well, the rapid infrastructure development in Iloilo have increased the opportunities to entrepreneurs! According to the Department of trade and industry of the Western Visayas Trade Development Division, There are over 19,267 new application of business names that were registered in 2015. Also, renewal business name registration increased from 2786 (2014) to 2968 in 2015!  Basically, it has increased roughly over seven percent! The Board of investments identified the top three economic drivers in Western Visayas Region with a combined equivalent to seventeen percent ! In the region, three of the boosters in economy are energy-related projects worth P57.76 billion, right next to this is the economic housing with P2.49billion, and last is the tourism worth P495million worth of tourism projects! In the tourism sector, investment performance skyrocketed by 171.81 percent!

SM City Iloilo has dominated the malling industry for a long time in Iloilo, and to stand up to this claim, Iloilo’s SM CITY MALL opens its expansion wing! The inauguration was on November 20, Friday was graced by Steven tan. SM Prime Holdings’ total investment for the expansion was P1.3 billion. The expansion wing is “set to offer the best entertainment, dining, lifestyle and shopping experience to its shoppers and patrons.” This upgrade plays a significant role on the advancement of the economy of Iloilo. From an existing 71,995 square meters and 200 leased units, SM Prime Holdings added four floors of 21,124 square meters and 165 units shopping and dining spaces. The mall now has a total of 93,079 square meters and 365 units. Now these are just a few of many investment in the city, a healthy city inspires huge investments. These are the symptoms of good economic health. Another example of a huge investment is from the company that manufactures foam brands of Uratex, it will soon rise up in Cabugao Sur, Sta. Barbara, Iloilo. It is said that Uratex will build a hundred million pesos factory. This factory, owned by RGC Group of companies, it will be put in a two thousand square meter lot and is likely to generate up to a hundred additional jobs for ilonggos. The capital city of Iloilo ranked second in the NCC’s 2013 Cities and Municipalities Competitiveness Index, which is backed by the United States Agency for International Development (USAID) under the latter’s Investment Enabling Environment (INVEST) project. Survey firm Social Weather Stations (SWS) also found Metro Iloilo to have the highest positive business perception in the country with an 86 percent rating. Business climate has been good in Iloilo City with investors surveyed claiming that the government can be run without corruption. Iloilo is one of the seven areas chosen for the survey that gathered 966 samples nationwide with 100 respondents coming from this part of the country.

 

Iloilo has been the top province in the country that develops on a very fast pace! All these facts are enough to support the idea that Iloilo has a good business climate. As Iloilo continues to become one of the best provinces if not the best, Ilonggos will maintain and continue the fast growth of the economy of Iloilo.

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