Makati City recorded the highest gross domestic product (GDP) per capita among local governments in the Philippines, while Parañaque posted the fastest economic growth among highly urbanized cities, including those in Metro Manila, according to data released by the Philippine Statistics Authority (PSA) on November 15.
Makati’s economy grew by 6.3% in 2023, though this was slower than the 7.2% growth it achieved the previous year. The city’s GDP reached P1.18 trillion, with a GDP per capita of 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.
Meanwhile, Parañaque City experienced the fastest economic growth among highly urbanized cities, expanding by 8.7% in 2023. The city’s GDP now stands at P343 billion.
In comparison, Quezon City remains the largest economy in Metro Manila, with a GDP of P1.27 trillion, which accounts for 19.3% of the region’s total economic output. The city’s GDP per capita is estimated at P405,112.