Quezon City now accounts for 6% of Philippine GDP

By Aubrey Rose A. Inosante, Reporter

QUEZON CITY generated the biggest share of the country’s gross domestic product (GDP) in 2024 at P1.33 trillion, the Philippine Statistics Authority (PSA) said on Tuesday, underscoring the economy’s continued reliance on a handful of urban centers for growth.

Latest PSA data showed the total economic output of 33 highly urbanized cities (HUC) stood at P9.78 trillion or 44% of national GDP in 2024.

Quezon City accounted for 6% of national GDP in 2024, followed by Makati City with a 5.4% share (P1.2 trillion) and Manila with a 4.7% share (P1.04 trillion).

“In 2024, City of Manila joined Quezon City and City of Makati in recording trillion pesos GDP,” the PSA said.

Quezon City is considered the most populous city in the National Capital Region (NCR), with a population of 3.08 million as per the PSA’s 2024 Census of Population. Makati, considered a major financial district, had a population of 309,770, while Manila had a population of 1.9 million.

Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said Quezon City had the biggest contribution to national GDP among HUCs due to its size, property base and commercial developments.

“Quezon City’s growth and development are fueled by the conversion of large industrial sites, like old factories and warehouses, into new CBDs (central business district) and high-rise projects,” he said in a Viber message.

Taguig, where Bonifacio Global City is located, made the fourth-biggest contribution to national GDP at 3% (P656.31 billion).

Davao City, the only city outside of the NCR in the top five, contributed 2.6% (P574.72 billion) to national GDP.

Other HUCs that made significant contributions to national GDP include Pasig City with a 2.3% share to GDP (P513.24 billion), Parañaque City with a 1.65% share (P366.44 billion), Pasay City with a 1.61% share (P359.09 billion), Cebu City with a 1.5% share (P334.48 billion) and Mandaluyong City with a 1.4% share (P320.43 billion).

The top 10 HUCs accounted for 30.5% of the national GDP in 2024.

According to the PSA, all 33 HUCs in the country posted annual growth in 2024.

Eight out of the top 10 fastest-growing HUCs were located outside of Metro Manila, led by Puerto Princesa, which posted the fastest annual growth at 9.8%.

Iligan City grew by 8.8% last year, followed by Butuan (8.7%), Tacloban ( 8.2%) and Davao (7.9%).

Rounding out the top 10 were Bacolod, which expanded by 7.7%, followed by Makati (7.35%), Malabon (7.27%), Iloilo (7.1%) and Cebu (7%).

Last year, the Philippine economy grew by 5.7%, slightly faster than 5.5% in 2023 but fell short of the revised 6-6.5% target.

The government is targeting 5.5-6.5% growth in 2025.