Makati City Leads PH with Highest Per Capita GDP in 2023

Makati City, the country’s premier financial hub, achieved the highest per capita gross domestic product (GDP) in the Philippines in 2023, based on data from the Philippine Statistics Authority (PSA).

Economic Performance Highlights

According to the PSA’s Provincial Product Accounts (PPA) for the National Capital Region (NCR):

• Per Capita GDP: ₱1,778,002, reflecting a 4.9% increase year-on-year.
• Economic Value: ₱1.18 trillion, marking a 6.3% growth.
• Contribution to NCR GDP: 18%.

Makati’s economic growth underscores its vital role in the country’s economy.

Key Industries Driving Growth

The city’s economic expansion in 2023 was bolstered by several industries:

1. Accommodation and Food Services: Expanded by 27.2%.
2. Other Services: Grew by 14.1%.
3. Electricity, Steam, Water, and Waste Management: Increased by 9.2%.

Mayor Abby Binay on Progress

Makati Mayor Abby Binay attributed the city’s economic success to targeted programs that directly benefit residents.

“Economic growth is not just about numbers—it’s about ensuring that Makatizens feel the difference,” Binay said. “With a stronger economy, we’ve been able to improve healthcare, provide better education, and expand social programs that uplift our communities. This is what progress should look like.”

Context in NCR Economy

Makati’s strong economic performance highlights its continued dominance in NCR, reinforcing its reputation as the country’s top financial center. The city’s focus on inclusive growth and robust industries ensures its position as a leading economic contributor.