Table 3. Gross Regional Domestic Product, 2018-2021, Western Visayas

of gross value added (GVA) of all resident producer units in the region covering all major industries namely Agriculture, Forestry and Fishing (AFF), Industry, and Services.

Table 3. Gross Regional Domestic Product, at Constant 2018 Prices, 2018-2021, Western Visayas

GRDP

Growth Rate

AFF

Industry

Service Actual Figures (in PHP ‘000) 2018 2019 2020 2021

860,107,768 913,909,365 825,445,426 871,670,370

4.8% 6.3% -9.7% 5.60%

153,436,676 154,272,027 163,899,174

181,542,556 192,649,883 175,425,460

525,128,536 566,987,455 486,120,792

Source: PSA-VI

Pre-pandemic and before Typhoon Odette hit the region, the GRDP of Western Visayas posted a positive growth from 4.8 percent in 2018 to 6.3 percent in 2019, with all sectors having an increased performance. When COVID-19 was at its peak in 2020, it decelerated to -9.7 percent with huge contractions in the service and industry sectors as the main drivers for the decline.

Despite the drop in the economy in 2020, Western V still remained to be the 5th largest economy outside the National Capital Region. In 2020, the gross value added (GVA) of the AFF was placed at PHP163.90 billion. However, with the onslaught of Typhoon Odette in the last quarter of the year, the agriculture sector, the main contributor to the GRDP, was hard hit. The disaster event cut agricultural output and employed productivity losses due to disruption in economic activities as consequence of interruption in power, telecommunications, water supply, logistics and supply chains.

The GVA losses incurred from Typhoon Odette in the last two weeks of 2021 amounting to PHP4.7 billion is estimated to pose a minimal -0.54 percent impact on the full year of 2021 GRDP. With the easement of quarantine classification of the region in the latter part of the year, and negligible impact of the disaster effects, the GRDP of the region is forecast to increase by 15.3 percentage points from -9.7 percent in 2020 to 5.6 percent in 2021 amounting to PHP876.11 billion pesos. Considering the lingering effect of Typhoon Odette in the immediate aftermath and the COVID-19 Alert Level System (ALS) classification, the GRDP is projected to be within the range of -3.12 percent to 6.91 percent in 2022. The impact of the disaster is expected to be felt in the following year. This, coupled with the restrictions on economic and social activities anew in the region such as higher ALS classification, may result in the contraction of the GRDP to a low of -3.12 percent in 2022.

The identification of proper interventions and efficient implementation of rehabilitation and recovery programs, projects and activities alongside the sustainable reopening of the regional economy may fuel a positive growth to 6.91 percent in 2022. The increased