Makati posts highest GDP growth in 2023

MANILA, Philippines — The Makati government achieved a 6.3-percent growth in Gross Domestic Product in 2023, with its GDP valued at P1.18 trillion, according to the Philippine Statistics Authority (PSA).

Mayor Abby Binay emphasized that this growth has directly improved the quality of life of Makatizens, creating better services in health, education and social services.

“Economic growth is not just about numbers – it’s about ensuring that Makatizens feel the difference,” Binay said.

In 2023, Makati recorded the highest per capita GDP in the country at P1,778,002, a 4.9-percent increase from the previous year.

This surpassed the national GDP growth of 5.6 percent, recognized as the fastest among major Asian economies.

Binay said key industries that contributed to Makati’s economy in 2023 were accommodation and food service, which expanded by 27.2 percent, followed by other services (14.1 percent) and electricity, steam, water and waste management (9.2 percent).

Makati’s robust economy enables funding for initiatives benefiting residents, such as the Yellow Card, which provides free medical consultations, hospital care and medication to 80,000 residents and city government employees.

“In Makati, progress means making sure everyone benefits,” Binay said. “We aim to create a city where every resident feels the impact of our economic success.”