Manila defies national slowdown as business registrations surge

Manila businesses continue to show strong confidence heading into 2026, with new registrations far outpacing closures despite a more cautious national economic outlook.

Mayor Francisco “Isko” Moreno Domagoso said Wednesday, November 26, that data from the Bureau of Permits indicate that businessmen and entrepreneurs “continue to bet on Manila,” even as external risks weigh on the Philippine economy.

Of the 55,924 registered businesses in the capital, 1,390 have retired so far this year, equivalent to a 2.48 percent retirement rate. In contrast, the city has recorded 7,265 new business registrations — a 12.99 percent registration rate — resulting in a net business growth rate of 10.51 percent, which Domagoso described as a clear sign of sustained confidence in Manila’s economy.

According to the mayor, the stronger numbers reflect reforms launched since July 2025, including the full reactivation of the electronic Business One-Stop Shop (eBOSS), the trimming of zoning requirements from 25 steps to seven, and the reduction of zoning appeals from 15 steps to five. These measures, paired with stronger revenue enforcement, pushed the city’s collection efficiency from 61 percent in the first half of the year to 81 percent between July and September.

Domagoso acknowledged that Manila’s economic gains come at a time when national forecasts have weakened. On Monday, 24 November, the ASEAN+3 Macroeconomic Research Office trimmed its 2024 growth outlook for the Philippines to 5.2 percent after a softer third quarter and weather-related disruptions. The following day, Fitch Solutions unit BMI said foreign direct investments could continue to slow through 2026 amid corruption concerns and global uncertainty, adding pressure to a peso hovering around P58.90 to the dollar.

Despite these headwinds, Domagoso said recent data show the city “holding firm,” supported by reforms in permitting, fiscal management, and frontline service delivery. In October, he highlighted stronger revenues and rising investment activity in his first 100 days back in office, which delivered 12,752 jobs and P7.1 billion in total investments.

The city’s finances have also strengthened, with collection efficiency improving from 61 percent in the first half of the year to 81 percent from July to September 2025.

"Ang Maynila, unti-unting bumabangon. Sisikat muli ang araw sa Lungsod. Sa maayos at tapat na pamamahala ng pondo ng bayan, malalampasan natin ang lahat ng pagsubok. May awa ang Diyos," he said.