MANILA, Philippines — Paranaque City is the fastest-growing economy among the 16 highly urbanized cities (HUCs) and one municipality in Metro Manila, based on a report released by the Philippine Statistics Authority (PSA).
The PSA, through the Provincial Product Accounts (PPA) report for the National Capital Region (NCR), said Parañaque’s economy grew by 8.7 percent from 2022 to 2023, outpacing all other local economies in the region.
The report covers GDP data for the period 2018 to 2023.
It highlighted that Parañaque’s growth was driven by key industries, including other services (3.4 percent), transportation and storage activities (1.6 percent), financial and insurance activities, and wholesale and retail trade; repair of motor vehicles and motorcycles (1.2 percent).
Pasay City (6.8 percent), Makati City (6.3 percent), Mandaluyong City (5.9 percent), Taguig City (5.8 percent), and Marikina City (5.5 percent), all surpassed the NCR’s regional growth rate of 4.9 percent in 2023.
Despite recording the highest growth, Quezon City maintained its position as the largest contributor to the NCR economy, accounting for 19.3 percent of the region’s total output, with a GDP growth of 4.5 percent. The city’s per capita GDP rose by 4.0 percent, reaching ₱405,112.
Meanwhile, Makati City posted the highest per capita GDP in the country, at ₱1,778,002, contributing 18 percent to NCR’s total GDP with an economic value of ₱1.18 trillion.
The NCR economy as a whole expanded by 4.9 percent in 2023, reaffirming its status as the region with the largest gross regional domestic product (GRDP) on a per-capita basis.
