Manila, 3rd largest LGU economy in NCR – PSA
THE Philippine Statistics Authority (PSA) reported in its latest Gross Domestic Product (GDP) figures that Manila has reached an impressive milestone with nearly ₱1 trillion in economic output.
Manila Mayor Honey Lacuna said that with a gross domestic product of P987.88 billion, the City of Manila has the third largest economy in all of Metro Manila, citing the latest 2023 GDP figures released by the PSA.
Lacuna said this economic output of the capital city is the result of the strong teamwork of city hall with Manila’s working population and business enterprises.
“Manila achieved nearly P1 trillion in economic output despite having mostly MSMEs and traditional retail and services activities. We have a very strong MSME sector here in the capital city. This GDP output is a strong baseline and springboard for future economic growth,” Lacuna said.
Manila collected P16.9 billion in local revenues and had P4.258 billion in national tax allotment in 2023. Total 2023 revenues were P22.2 billion.
“Looking forward, we aim to modernize the economy of Manila by future-proofing it against other pandemics and calamities. More of our MSMEs must be able to transact online, use QR codes, deliver products and services beyond their store premises. In these way, Manila’s economy will keep moving even if the movements of people are limited,” Lacuna envisioned.
“Note that Manila’s GDP size is about three times that of Parañaque, which grew the fastest in NCR. Manila’s growth rate of 2.2 percent only seems small in percentage terms because it has a larger base number. Parañaque has a smaller base number of P343.17 billion. Comparing Manila’s P987.88 billion economy to Paranaque’s P343.17 billion economy based only on growth rate is like comparing an apple to an orange,” Lacuna explained.
According to PSA data, Manila’s GDP is larger than the combined GDPs of CAMAVA, San Juan, Las Piñas, Pateros, and Marikina.
