One of the major drivers of the country’s economic growth are the big cities which serve as centers of commerce. The role of urbanity in the capitalist development is in fact very significant.
Here is the list of the top ten richest cities in the country in terms of total income according to official data from the National Statistics Coordination Board.
10) TAGUIG CITY
Popular for its Bonifacio Global City, Taguig made it to the top 10 richest cities in the Philippines. Its total income is also 2.9 billion pesos; with income from local sources of 1.6 billion pesos.
BGC is famous for its BPO industry. In October 2014, President Benigno Aquino signed a proclamation that designates parcels of land to be an Information Technology (IT) Park. Establishments in this IT Park would benefit the Special Economic Zone Act; in which instead of paying taxes, the establishments must remit 5% of its gross income.
9) MUNTINLUPA CITY
Muntinlupa has 2.9 billion pesos total income. It is also the 8th richest city in terms of per capita income (6,791 pesos). Its total income from local sources is 1.8 billion pesos, while its tax revenue per capita is 2,798 pesos.
Muntinlupa is a Hall of Famer of Philippine Chamber of Commerce and Industry’s Most Business Friendly City in the Philippines. In 2014, the City Government of Muntinlupa also made efforts to shorten its business permit process.
Because of its establishments, it is called the “Emerald City of the Philippines” and it is also where the most expensive residential areas such as the Ayala Alabang Village are located.
It is located in the southernmost portion of the National Capital Region. It has the Southern Luzon Expressway, the gateway to the provinces of prosperous provinces of Laguna and Batangas.