Parañaque registers fastest economic expansion in NCR

MANILA, Philippines —  The city of Parañaque recorded the fastest growth among economies in the National Capital Region (NCR) in 2023.

This was according to the Philippine Statistics Authority (PSA) in its first-ever report of the Provincial Product Accounts (PPA) of the NCR covering the period from 2018 to 2023.

PSA chief statistical specialist Estrella Vargas said Parañaque’s economy grew by 8.7 percent last year from its 2022 level, the fastest among all highly urbanized cities (HUCs) and municipalities in the NCR during the period.

Among key industries in Parañaque are other services with a growth of 3.4 percent; transportation and shortage activities, 1.6 percent; and financial and insurance activities, wholesale and retail trade, and repair of motor vehicles and motorcycles, 1.2 percent.

The PPA release also covered the gross domestic product (GDP) of 16 highly urbanized cities and one municipality in the NCR.

In terms of economic growth rate, Parañaque registered an 8.7-percent economic expansion, the fastest among the 17 HUCs and municipalities last year.

Parañaque was followed by Pasay City with 6.8 percent growth; Makati, 6.3 percent; Mandaluyong, 5.9 percent; Taguig, 5.8 percent, and Marikina with 5.5 percent growth.

These HUCs posted GDP growths higher than the regional GDP growth rate of 4.9 percent, according to Vargas.

Overall, Metro Manila’s economic output grew by 4.9 percent last year.

The region continued to account for the largest gross regional domestic product on a per-capita basis.