General view of the skyline of the financial district of Makati in Manila. —Photo by Ted Aljibe /| Agence France-Presse
MANILA, Philippines — Makati posted the highest gross domestic product (GDP) among all local governments nationwide, while Parañaque recorded the fastest-growing economy among all highly urbanized cities, including those in Metro Manila.
The Philippine Statistics Authority (PSA) revealed this in a data released on November 15.
According to the PSA, Makati’s economy grew by 6.3 percent in 2023, but it is slower than the 7.2 percent growth posted in the previous year.
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The GDP of the city was estimated at P1.18 trillion, while its GDP per capita is at P1,778,002.
“With a stronger economy, we’ve been able to improve healthcare, provide better education, and expand social programs that uplift our communities,” Makati Mayor Abby Binay said in a statement on Monday. “This is what progress should look like.”
Binay stressed that Makati had been investing in the healthcare and education of its residents.
“In Makati, progress means making sure everyone benefits. From providing free healthcare and improving education, we aim to create a city where every resident feels the impact of our economic success,” Binay said.
The PSA also reported that Paranaque had become the fastest-growing economy in highly urbanized cities nationwide.
Parañaque grew by 8.7 percent in 2023 from its 2022 level, with its GDP now at P343 billion.
Meanwhile, Quezon City remains the biggest economy in Metro Manila with a GDP of P1.27 trillion, accounting for a 19.3 percent share of the region’s economy.
The GDP per capita of Quezon City is estimated at P405,112.