Parañaque’s economy stuns neighbors

Parañaque’s economy stuns neighbors | Daily Tribune

Out of nowhere, Parañaque City, in stunning fashion since 2013, moved up by “notches and milestones” to become the seventh richest city of the Philippines in 2024, with total assets of P38.21 billion.

With all its economic plans and programs aligned with national goals, Mayor Edwin Olivarez steered the economic fortunes of Parañaque City to a premier metropolis with an economic growth of 8.7 percent, the fastest in the region, fueled by Entertainment City, six luxury integrated resorts, and massive, high-end commercial development like Ayala Malls Manila Bay.

The city’s strategic location by the international and domestic airports enables it to serve as a key business, logistics, and tourism hub.

Rebranded as the “Iconic Bay City,” its transformation is driven by massive reclamation projects, world-class tourism hubs, and strategic infrastructure.

Entertainment City and Business Hubs

The crown jewel of Parañaque’s coastal development is Entertainment City, a 100-hectare reclaimed stretch of Manila Bay that will generate massive revenues.

1. Integrated Resorts: Home to world-class gaming and leisure destinations like Solaire Resorts & Casino, City of Dreams Manila, and Okada Manila. 

2. Aseana City: A rapidly growing “next-gem” business district that has become a focal point for IT-BPO firms, tech enterprises, and upscale residential developments.

3. Commercial Giants: Features Ayala Malls Manila Bay, one of the largest shopping malls in the country complementing the city’s special investment districts.

Strategic Connectivity and Infrastructure

Parañaque’s potential is anchored on its role as a major transportation gateway, hosting NAIA Terminal I and sitting at the crossroads of several high-impact projects.

These projects are a mix of massive transport, flood control, and land reclamation designed to solidify its stature as a regional economic hub.

 LRT 1 Cavite Extension: (Phase I now operational). This is the most immediate project transforming the city’s accessibility. Phase I officially opened in November 2024, adding five new stations serving Parañaque. 

a) Redemptorist-Aseana: Provides direct rail access to the Entertainment and Aseana business district.

b) MIA Road: Serves the airport road corridor.

c) PITX: Integrated with the Parañaque Integrated Terminal Exchange, the city’s primary bus gateway.

Infrastructure and Flood Control

1. Paranañaque Spillway Project: A major P90-billion infrastructure initiative aimed at mitigating flooding in Metro Manila by connecting Laguna Lake to Manila Bay. This underground tunnel under several barangays is designated as a priority project to reduce floodwater levels. 

2. Drainage and Road Rehabilitation: The Department of Public Works and Highways has completed rehabilitation of the C-5 Rehabilitation Road and the drainage system of Canaynay Avenue and Sto. Niño Street in Barangay Moonwalk to improve flood mitigation and traffic control.

3. Trash Trap Installation: The city, in partnership with MMDA, installed 25 trash traps across waterways and drainage systems to prevent clogging.

Waterfront Development (Parañaque City Park–Phase I): In alignment with urban development and tourism, the city is developing its coastal areas to create tourism hubs, incorporating and enhancing the value of the old Casino Filipino complex area.

Clean Air Action Plan 2024-2030: Launched on 8 November 2024 in collaboration with Clean Air Asia, this project aligns with national goals by managing air pollution and enhancing climate resilience in urban developments.