Parañaque City’s local economy continued its strong performance in 2024, with its gross domestic product (GDP) growing 6.8 percent to P366.44 billion, according to the latest report from the Philippine Statistics Authority (PSA).
The growth follows an 8.7-percent expansion in 2023, which made Parañaque the fastest-growing economy among the highly urbanized cities (HUCs) in Metro Manila that year, said PSA-NCR acting supervising statistical specialist Maricel Carangan.
The city’s per capita GDP was estimated at P521,065 for 2024, calculated by dividing the total GDP by the population reflected in the 2024 census.
The services sector remained the primary economic driver, accounting for 78.6 percent of total output and expanding by 7.3 percent, according to city treasurer Dr. Anthony Pulmano. The industry sector grew by 5.1 percent.
Transportation and storage led all sectors in growth at 19.0 percent, followed by accommodation and food service activities at 9.9 percent, reflecting the city’s sustained post-pandemic recovery and continued investment confidence, Pulmano said.
Parañaque Mayor Edwin Olivarez lauded the local business community for its resilience and contribution to growth, reaffirming the city government’s commitment to maintaining a business-friendly environment that attracts more investors and creates quality jobs.
“This consistent growth underscores Parañaque’s strength as a key economic hub in Metro Manila,” Olivarez said.
“Our success is the result of sound fiscal management, responsible governance, and the continued trust of our business community,” he said.
The Department of Finance (DOF) also recognized Parañaque City for its strong fiscal management, ranking it fourth in year-on-year growth in local source revenues and sixth in local source revenues.
The city also placed eighth in the ratio of local source revenues to total current operating Income among all HUCs in the Philippines.
