THE cities of Makati and Malabon were considered the fastest growing in the whole of Metro Manila last year, according to the latest data from the Philippine Statistics Authority (PSA).
Based on the PSA’s Provincial Product Accounts (PPA), the Highly Urbanized Cities (HUCs) of Makati and Malabon posted a GDP growth rate of 7.35 percent and 7.27 percent in 2024, respectively.
PSA said both cities even beat the 5.6 percent GDP growth recorded by the National Capital Region (NCR) in 2024.
However, Parañaque City, which posted the highest growth in Metro Manila in 2023 at 8.7 percent, posted slower growth of 6.8 percent in 2024. This brought down Parañaque City’s ranking to only third in NCR.
This was followed by Pasay with 6.8 percent, Pasig at 6.5, Mandaluyong with 6.4, Caloocan at 6.1, and Valenzuela at 6 percent.
Meanwhile, Marikina posted the slowest growth among the HUCs at 2.7 percent, followed by Navotas with 2.9, and Muntinlupa at 3.2 percent.
‘Services continued to dominate the economies in NCR, accounting for more than half of their GDP,’ PSA said.
These services include industries such as wholesale and retail trade, repair of motor vehicles and motorcycles, accommodation and food services, and other services.
For the HUCs of Makati and Malabon, the services sector contributed to 93.5 and 64.6 percent of their economy, respectively.
Services also contributed to 89.2 percent of Taguig’s economy, 86.5 percent of Pasay’s, and roughly 85 percent of the economies of Las Pinas, Quezon City, and San Juan.
Meanwhile, Services only made up around 53.8 percent of Valenzuela City’s economy, followed by Marikina at 60.3, and Malabon with 64.6 percent.
The PSA releases the results of the PPA, reporting the 2024 economic performance of all 82 provinces and 33 HUCs in the country.
This marks a significant milestone as the PPA moves toward full institutionalization starting 2025, following its approval by the PSA Board with Resolution No. 1, series of 2025 dated 26 February 2025.