WV household spending grows

ILOILO City – Western Visayas’ household spending or Household final consumption expenditure (HFCE) expanded by 7.5 percent in 2021, according to the Philippine Statistics Authority (PSA).

Spending bounced back after a contraction of negative 8.5 percent in 2020, said Regional Director Nelida Amolar.

Expansion in the following expenditure items were also observed:

* imports of goods and services from Rest of the World (ROW), 27.2 percent;

* g o v e r n m e n t f i n a l consumption expenditure, 6.0 percent;

* exports of goods and services to ROW, 4.4 percent; and

* gross capital formation, 1.0 percent

“Household final consumption expenditure contributed to the region’s largest expenditures at 92.7 percent. Both government final consumption expenditure and gross capital formation shared around 15 percent,” said Amolar.

Amolar added that of the regions 5. 9 percent economic growth in 2021, the contributors of the growth were HFCE with 6.8 percentage points; net exports to the rest of the Philippines with 2.1 percentage point; government final consumption expenditure with 0.9 percentage point; and gross capita formation 0.2 percentage points.

With P874.1 billion of the region’s total value of the Gross Regional Domestic Products in 2021, the estimated contribution of each individual in the economy of WV stood at P109, 662.

The figure is higher than about P5,000 from P104,412 in 2020 or an increase of 5 percent.

Meanwhile, the household spending of each individual in the region has increased by 6.6 percent in 2021.

Also, the real per capita of HFCE of the region was recorded at P101, 617 which is lower than the P122, 112 national per capita level./