Makati logs highest GDP growth

Makati logs highest GDP growth | Daily Tribune

The local government of Makati announced on Tuesday that it has solidified its position as the Philippines’ economic powerhouse, after recording a robust 6.3 percent Gross Domestic Product (GDP) growth in 2023.

With this, the city’s economy is now valued at P1.18 trillion, according to the latest data from the Philippine Statistics Authority (PSA).

Mayor Abby Binay stressed that this economic growth is not just a numerical achievement but a tangible improvement in the lives of Makatizens.

“Economic growth is not just about numbers — it’s about ensuring that Makatizens feel the difference. With a stronger economy, we’ve been able to improve healthcare, provide better education and expand social programs that uplift our communities,” Binay said.

She added that Makati’s per capita GDP also reached a new high of P1,778,002, a 4.9 percent increase from the previous year. This figure is the highest in the Philippines, underscoring the city’s prosperity.

Key industries driving Makati’s growth include Accommodation and food service activities (27.2 percent growth), Other Services (14.1 percent growth), and electricity, steam, water and waste management (9.2 percent growth).

The city’s strong economic foundation has enabled it to invest in crucial public services. Makati Health Plus, a free healthcare program, benefits nearly 80,000 residents and city employees.

Meantime, the Ospital ng Makati and Makati Life Medical Center provide high-quality healthcare services.

In education, Makati offers free schooling, supplies, uniforms and digital learning tools. Scholarships are also available to support students’ further education and skills training.

The city’s social programs cater to the needs of vulnerable groups, including senior citizens and persons with disabilities. Cash assistance, medical support, and targeted welfare programs have significantly improved their lives.

Also, the PSA’s Provincial Product Accounts (PPA) data highlights Makati’s substantial contribution to the national economy. By providing a detailed picture of regional economic performance, the PPA underscores the crucial role of cities like Makati in driving national progress.