Parañaque posts fastest economic growth in NCR

(UPDATE) PARAÑAQUE City had the fastest economic growth in the National Capital Region (NCR) or Metro Manila, according to the first-ever Provincial Product Accounts (PPA) report released by the Philippine Statistics Authority (PSA).

Parañaque's economy grew by 8.7 percent from 2022 to 2023, surpassing the region's overall growth rate of 4.9 percent.

The report, which provides GDP data from 2018 to 2023, said the growth was driven by robust performance in industries such as other services (3.4 percent), transportation and storage activities (1.6 percent), financial and insurance services, and wholesale and retail trade, including motor vehicle and motorcycle repair (1.2 percent).

Pasay City had a 6.8 percent growth rate; Makati City, 6.3 percent; Mandaluyong City, 5.9 percent; Taguig City, 5.8 percent; and Marikina City, 5.5 percent.

Quezon City remained the largest economic contributor in the NCR, accounting for 19.3 percent of the region's total output. Quezon City's GDP rose by 4.5 percent, with its per capita GDP increased by 4.0 percent to P405,112.

Makati recorded the highest per capita GDP in the country at P1,778,002. The city contributed 18 percent to the NCR's GDP, with an economic value of P1.18 trillion.

Overall, the region's economy grew by 4.9 percent in 2023, continuing to lead the nation in gross regional domestic product (GRDP) on a per-capita basis.