The Philippines is now the brightest economic spot in Asia. This is due to a consistent gross domestic product growth responsible for fueling the country's booming economic growth. Both macroeconomic and microeconomic structures are now overlapping, creating a more sustainable business environment. Recent economic boom for the country is benefiting several cities across the archipelago. This means that it can sustain the provincial growth of the country, distributing every opportunity to cater any business demands of local and foreign business operators.
The second quarter GDP growth of the Philippines as of the second quarter of 2016 reached the psychological level of 7%. This two points higher than the previous gross domestic product of the first quarter, which was 6.8%. The latest GDP report amazed several financial institutions because they are astounded by the consistency of the Philippine economic performance even if it is now being managed by the new administration of the Philippine government.
|Top 10 most competitive cities and metropolis in the Philippines|
During the Aquino administration, the economic team has been efficient in curbing its economic stimulus into a strategic and a more transparent way. Issues of graft and corrupt practices continue to slow down, giving way for new opportunities to promote a new field of economic development so that the country becomes productive and competitive. Business chambers from both local and international marketplace began to pour their investments into the country so that each city and province can have the chance to become productive.
With the start of Duterte administration, Philippine President Rodrigo Duterte wants to implement Aquino's economic strategy. President Duterte will be concentrating on public service intensification by curbing against criminal activities. This includes the war on illegal substance trade and manufacturing. He believes that the economy of the Philippines can further elevate to a more prominent society when illegal substances will be completely neutralized in the future.
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Top 10 most competitive cities and metropolis in the Philippines
1. Metro Manila: It is obvious that the National Capital Region is still the most competitive metropolis in the Philippines. This is the center of the Philippine economic power because most businesses are operating across the metropolis. Metro Manila is home to at least more than 12 million residents. The issue on population explosion in the metro is now spilling over to nearby provinces, slowly generating economic opportunities as well as new business establishments in the area.
2. Cebu City: Cebu is regarded the "Queen City of the South". During the Second World War, Manila was mainly targetted by the Japanese forces. Residents were forced to travel towards Cebu and other parts of the Visayas region. Cebu was the first city who was chosen until it progressed into the second most competitive city in the Philippines. Cebu is also the second main gateway of the country, allowing foreign companies to directly engage in business practices in the area through its access points using land, air, and sea ports.
3. Davao City: The most competitive city in Mindanao island. The area of Davao is also three times larger than the National Capital Region alone. Davao is the next promising city at the southern tip of the Philippines. Davao is a promising city because there are numerous infrastructure projects that are now ongoing. It will serve as the main metropolis in the island of Mindanao. Davao can also be accessed through their international airport, sea port, and land terminals.
4. Cagayan De Oro City: This is city surprised several business chambers in Manila, Cebu, and Davao. There are sprouting mega projects in the city that is now slowly transforming the area into a more urbanized city aside from Davao, Cebu, and Manila. Cagayan De Oro is a rapidly developing urban area. The city is located in the northern part of Mindanao, which is the opposite end from Davao City, thriving with an active seaport, and airport, catering new business ventures in the area.
5. Iloilo City: Another city in the Western part of the Visayas region is also rapidly developing. Iloilo City is located in the island of Panay. Iloilo is another competitive city that is attracting back Illonggos who fled to other places just to seek for a greener pasture. There are numerous business and employment opportunities in the area because the city is now currently building several mega infrastructures that generate job opportunities. After construction of several businesses, it will generate more jobs as more establishments will be open to the public.
6. Baguio City: The City above the cloud is another competitive city that is located 260 kilometers north of Manila that is known for its very active tourism. Baguio City rests 1,500 meters above sea level, which is why it is also known as the summer capital of the Philippines. The average climate of the city fluctuates between 12 degrees Celsius to 24 degrees Celsius. Baguio City is a hidden treasure in the Philippines because foreign visitors and business owners prefer to stay in a place where the climate comforts a competitive business such as restaurants, real estates, and other industries that make it competitive.
7. Bacolod City: Another city is now slowly booming in Central Visayas region. This time, the coastal city of Bacolod is now taking a slow but a very competitive economic pace. The city is located on the island of Negros. Bacolod is now attracting numerous local and foreign business to establish several real estates which cater the industry, business, and service sectors of the city's economy, making it more competitive.
8. Olongapo-Subic Metropolis: The Olongapo-Subic metropolitan area is one of the underrated areas in the Philippines to do business. Seaport shipping is very active in the area, making it an alternative port for shipping equipment to enter the Philippine market. The area is also suitable for eco-tourism because there are several resorts and sea parks that attract local and foreign visitors to try and experience the natural wonders of Subic-Olongapo area.
9. General Santos City: This is the tuna capital of the Philippines because it is where the yellow-fin tuna are the most abundant in the waters of Celebes Sea. General Santos is also starting to gain real estate developments that are suitable for other retail and wholesale outlets to establish their businesses. Industry developments are also being developed in the area to slowly intensity services, financial, and property sectors of the city's economy.
10. Angeles-Clark Metropolis: This is another underrated city in the Philippines. The city is situated in the second-largest airport in the country. It is also just an hour away from the alternative seaport in Manila to ship products internationally. A micro-city has just been approved and it is now under construction. This area will serve as the twin metropolis of Metro-Manila in the future, making both metropolitan areas to merge in the future to become one mega metropolitan in the future.