1. Quezon City – Php 13,881,711,000
Topping the list is no less than the largest city of the country. A sprawling metropolis of over two million inhabitants. It hosts the country’s most bustling commercial centers like Cubao with the Araneta Center and the Eastwood City, to name a few. Quezon City is also home to the most vital communication facilities in country and the TV industry giants like ABS-CBN and GMA.
2. Makati City – Php 11,828,303,000
Coming in second is the Financial Capital of the Philiipines – Makati City. It has the highest concentration of multi-national and local corporation located mostly in the Makati Central Business District, the city’s main economic driver. Most of the banking corporations and diplomatic missions also find their home in Makati and has also evolved into becoming the country’s major cultural and entertainment hub. Though second in terms of the total LGU income, Makati is still the richest LGU in per capita basis.
3. Manila – Php 10,966,732,000
The country’s capital comes in third place. Aside from being home to the Malacañan Palace, the Official Residence of the President of the Republic, the Supreme Court and important government installations, Manila is also the educational hub of the country hosting more than half of the major universities in the National Capital Region. These educational institutions are situated in the area referred to a University Belt. The city is a major center for banking and finance, retailing, transportation, tourism, real estate,media, advertising, legal services, accountancy, insurance, theater, fashion, and the arts in the Philippines. It is also the main shipping gateway in the Far East because of the presence of the Port of Manila. It is also home to the largest Chinatown in the world – Binondo which also houses major shopping centers.
4. Pasig City – Php 7,441,549,000
The fourth richest city in the country is still in Metro Manila. From being a rural and purely residential settlement, Pasig has emerged into one of the economic hubs of the country. The economic growth of Pasig is primarily attributed to the presence of Ortigas Center, where numerous high-rise commercial buildings, residential condominiums, malls and schools find their home. The headquarters of San Miguel Corporation and MERALCO are also located in Pasig City.
5. Davao City – Php 5,615,719,000
Davao City is the richest city in the coutry outside Metro Manila and the sole entry in the Top Ten from Mindanao. Aside from serving as the de facto capital of Mindanao, it is also the island’s most populous city with 1.4 million people. Agriculture is the major economic driver of the city as it hosts the largest agricultural companies in the country which produces bananas, pineapples, coffee, coconut and the famed durian. Hence, Davao City deserves to be referred to as the “Fruit Basket of the Philippines.” The city is also Mindanao’s main industrial, commercial and trading hub.
6. Cebu City – Php 5,220,604,000
The Queen City of the South is in the sixth place. It is a significant commercial, industrial, educational and tourism center in the South as it hosts Vis-Min’s largest corporation, malls, hotels and schools. It is also one of the country’s major hub for the business process outsourcing (BPO) industries. The city’s major commercial institution are clustered mainly in the Cebu Business Park and the Cebu IT Park. Shipbuilding and real-estate are another growing industries in the city.
7. Taguig City – Php 5,092,387,000
Placing seventh in the list is Taguig City, another business hub in Metro Manila. Taguig is home to the Bonifacio Global City which is one of the country’s financial hub and home to upscale residential and shopping centers, condominiums and international schools. Soon to boost Taguig’s economy is Arca South, an area being developed by Ayala Land and will soon be home to more than 300 multi-national and local companies.
8. Pasay City – Php 3,915,373,000
Pasay City is considered to be the country’s major gateway as it is where the Ninoy Aquino International Airport is situated. Aside from being the aviation hub of the country, Pasay benefits as well in the presence of the Bay City Complex which hosts the famous Mall of Asia. It has now evolved as well into becoming an entertainment and cultural hub because of the presence of Resorts World Manila, the Cultural Center of the Philippines, the Folk Arts Theater and the Philippine International Convention Center, to name a few.
9. Caloocan City – Php 3,913,498,000
The country’s third most populous city made its way to the 9th place. Mostly residential and industrial, Caloocan City also has presence of shopping malls, banks and other commercial centers. It is home to the Manila North Tollways Corporation, a concessionaire of the North Luzon Expressway (NLEX). Perhaps the most famous landmark in the Caloocan is the monument of Andres Bonifacio, a masterpiece of National Artist Guillermo Tolentino, which has become the centerpiece of Monumento.
10. Parañaque City – Php 3,589,913,000
Just south of Pasay City is Parañaque City, another trading and commercial hub in the metropolis. Famous for the Redemptorist Church in Baclaran, Parañaque is also making a name in the entertainment and cultural industry. It is home to the Asia World City, Entertainment City which nestles the famed City of Dreams Manila, the Solaire Resort and Casino and the upcoming Resorts World Bayshore and Manila Bay Resorts.
Source: 2014 Annual Financial Report of the Commission on Audit