THE local economy of Parañaque City continued its strong performance in 2024, with its Gross Domestic Product (GDP) reaching ₱366.44 billion, marking a 6.8% growth rate from the previous year, according to the latest report of the Philippine Statistics Authority (PSA).
PSA-NCR acting Supervising Statistical Specialist Maricel Carangan noted that Parañaque previously recorded an 8.7% growth rate in 2023, making it the fastest-growing economy among the highly urbanized cities (HUCs) in Metro Manila during that year.
For 2024, the city’s per capita GDP was estimated at ₱521,065, computed by dividing the city’s total GDP by its population as reflected in the 2024 census.
According to City Treasurer Dr. Anthony Pulmano, the services sector remained the main economic driver, accounting for 78.6% of total output and expanding by 7.3%, while the industry sector grew by 5.1%.
Pulmano added that transportation and storage (19.0%) led all sectors in growth, followed by accommodation and food service activities (9.9%), reflecting Parañaque’s sustained post-pandemic recovery and continued investment confidence.
In addition, the Department of Finance (DOF), in its latest performance report, recognized Parañaque City for its strong fiscal management, ranking: 4th in Year-on-Year Growth in Local Source Revenues and 6th in Local Source Revenues.
The city also placed 8th in the ratio of local source revenues to total current operating Income among all highly urbanized cities in the Philippines, the DOF report said.
Parañaque Mayor Edwin Olivarez commended the city’s business community for its resilience and contribution to local economic growth, affirming the city government’s commitment to maintaining a business-friendly environment that attracts more investors and creates quality jobs for Parañaqueños.
“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.”
