As an emerging developing country in Asia, the Philippines has been showing its business competencies for the past few years. This can be seen by looking into its wealthiest cities. Consisting of 145 cities, below are the Philippine top ten cities owning the biggest amount of economic assets as of 2017.
1. Makati City (PHP 34,461 billion)
Makati’s role as the country’s business center is undeniable. The reason for this is clear: there are a lot of international, regional and local corporations and offices of significance in the city. In fact, the number of business corporations in the city has been known to be the highest in the country.
Due to the lure of the city, its population reaches over 500,000 people, which puts the city in the 17th position in the nationwide biggest city category.
2. Quezon City (PHP 31, 917 billion)
On the second place is Quezon City, which used to be the capital of the country during the period of 1948 until 1976. Home to the most prestigious universities in the country, University of the Philippines Diliman and Ateneo de Manila, and key government offices, such as the Batasang Pambansa Complex, the city is known to cater a wide range business endeavours.
Its most recent business district is Triangle Park, which lies on 250 ha area. The place is divided into Commons, Downtown Hub, Emporium, Residences at Veterans and Triangle Exchange. This adds to the city’s popular money making areas: Eastwood City with its business district, Araneta Center with its shopping malls and other commercial centers, Tomas Morato and Timog Avenues with their rows of restaurants and entertainment.
In addition, the main Philippine broadcasting networks, like RPN, UNTV, and GMA Network, are headquartered in Quezon City.
3. Pasig City (PHP 20,036 billion)
Pasig has a renowned business area called the Ortigas Center, where prominent business headquarters, like Meralco and San Miguel, are located. There are also Kapitolyo, Capitol Commons, St. Francis Square, Tiendesitas known to be the food and shopping centers of the city, Metrowalk as the city leasure hub, as well as Mutya ng Pasig, a three storey public market.
4. Manila City (PHP 13,131 billion)
Initially named the Spanish City of Manila by the founder, Miguel Lopez de Legazpi, in 1571, the city functioned as home to many colonial rulers. No wonder, a lot of historical sites from the 16th century can be found in the city.
Recently listed as a global city by Globalization and World Cities Research Network, Manila is reputed to be one top business and tourism center in the Philippines. With its large business coverage (banking, finances, real estate, etc), the city lures people to come. In fact, Manila is one of the world’s most crowded city with a population of around 1,7 million (based on 2016 census data).
5. Zamboanga City (PHP 10,464 billion)
Known as the Sardines Capital, Zamboanga City is home to major sardine factories in the Philippines. That is indeed one of the reasons that makes it the center of business in Zamboanga Peninsula Region.
Other reasons include the presence of big corporations, such as Beauche International and Globe Telecom, and the local government policy that simplifies bureaucracy and attracts more investment in the city business.
6. Cebu (PHP 7,885 billion)
Located in Visayas region, this city holds an important role in the area. In its main business district, Cebu Business Park, are big corporations, such as Cathay Pacific, Innove Communications, Jinisys Software, as well as financial offices and banks, like Citibank, Chinatrust, Asia United Bank, and HSBC.
Not only is it the city of commerce, but it is also a modern city with premium residential complex, the Alcoves and Avalon Condo Cebu, and a big shopping mall, Ayala Center Cebu.
7. Caloocan (PHP 6,894 billion)
This former part of Rizal province has been striving to create conducive environment for investors and provide more job opportunities for its citizens. As a highly urbanized city, Caloocan is equipped with numberous banks and shopping centers, such as Victory Central Mall, Puregold Maypajo and Puregold Monumento.
8. Marikina (PHP 4,887 billion)
This city is divided into two: the southern part is mostly for business establishments, while the northern for factories. Widely recognized as one of the country’s shoe capital, leather shoe industries are the dominant businesses in the city.
9. Calamba (PHP 4,690 billion)
Blessed with lots of hot springs, resorts equipped with the natural hot water facility can be found all around the city. For that reason, Calamba is known to be the country’s resort capital.
10. Cagayan de Oro (PHP 4,670 billion)
Located in the northern part of Mindanao, this city is the business center in the area. One of the most well known businesses there is related to tourism: services that provide rafting or kayaking adventures.
There you have it! The lists above are just some of the richest cities in the Philippines. I hope you gained knowledge from this article.