Iloilo City businesses up

SM City offsite payment center

The Iloilo City Government received and approved a total of 16,018 business licenses and renewal applications as of January–March 2023, exceeding the previous year’s record of 14,311 based on data by the Local Economic Development and Investment Promotion (LEDIP) Office.

Mayor Jerry Treñas initiated bringing the services closer to clients through offsite payment centers at malls and online transactions for convenience.

“The economic revival has been felt since last year; we are gradually coming out of the pandemic, and people are starting to catch up with marketing and sales,” LEDIP Head Velma Lao said.

“The facilitating factor for the increase in business applications is the dynamism of the local economy and the business-enabling environment; it is also because the City Government continues to promote the market, where it is seen that there is an influx of people going in and doing business in the city,” she added.

“This year’s sales are higher than 2019 in most sectors, especially in the tourism sector like hotels and restaurants, as it is a multiplier effect: if one sector grows, then all related sectors will follow,” Lao stressed.

The business industry in the metro is classified into 40% for Wholesale and Retail Trade, 18% for Accommodation and Food Service, 12% for other service activities, 10% for Real Estate, 5% for Transportation and Storage, 3% for Manufacturing, and 2% for activities related to Human Health, Social Work, Financial and Insurance Services, and Education.

LEDIP is dedicated to aiding in the revival of a stronger and more stable economy in the city by providing more possibilities for investments and business growth, as indicators have gradually returned to pre-pandemic levels following the ease of mobility restrictions and the rebound of the economy. (Andrea Pearl Fernandez/Iloilo City PIO)

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