Iloilo City's economy continues to thrive almost three years after the COVID-19 pandemic.

This is evident in the increasing number of new and renewed business permits issued by the City Government through the Investment Services, Business Permit and Licensing Division.

A total of 18,033 businesses in the city were issued with business permits as of 31 August this year, according to Local Economic Development and Investment Promotions Office head Velma Lao.

The figure is composed of 2,000 permits for new businesses and 16,033 business permit renewals.

This surpassed the 17,379 total number of business permits issued for the whole year of 2022 consist of 2,590 new business permits and 14,789 renewed business permits.

Lao said there are 239 more applications for new businesses pending for payment and issuance of business permits this year.

Mayor Jerry P. Treñas said the increasing number of businesses in the city indicates that the local economy is improving.

He is looking forward to an even better economy next year, hopefully with more jobs available.

He added that the off-site payment centers established by the City Government in malls such as in The Atrium, Marymart Mall, Festive Walk and SM City Iloilo also helped a lot as it has provided easy, fast and convenient access for those who are applying for renewal and payment of business permits and other payment-related transactions.

Lao likewise cited the city's good business climate, which attracts more investors, as among the factors in the increase of businesses here.

"There are new opportunities to do business in our city. Other factors include the city's mobility and business friendliness. We have also accessible and responsive services and business permitting," she added.

The good promotion of Iloilo City to the business community, and the investors' trust and confidence in the local government unit, are also big factors.

Lao further noted that the ISBPLD's inspection team is going around the city to monitor businesses and ensure compliance.

As part of the city's innovative economic development, Lao said they are targeting around 350 businesses with no business permit or a total of 2,000 by 2028.