Baguio Hailed as the Richest City Outside NCR by the PSA

PSA Names Baguio as Wealthiest City Outside Metropolitan Manila

According to the Philippine Statistics Authority’s latest report, Baguio is now the wealthiest city outside the National Capital Region. The PSA data showed that Baguio City overpowered other major cities in the Philippines based on total assets. Recent recognition solidifies the city’s reputation when it comes to economic growth in Northern Luzon. Let’s take a look at other key factors that made Baguio one of the most promising cities outside Mega Manila.

Financial Growth Key Factors

The financial growth of Baguio City is significantly driven by its growing tourism, services, and infrastructure investments by the city government, as well as the active businesses within the locality. Local officials recognized this big milestone and underscored the contribution of progress and resiliency in its economy amid challenges. Moreover, the local government also promised to continue inclusive development while ensuring that all residents will benefit from these economic gains.
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With Baguio’s 2024 economic performance finishing strong, the Summer Capital has topped seven Metro Manila localities with higher per capita income. It ranked first in overall Gross Domestic Product based on PSA data, with GDP per person of PHP 420,016 - the city is indeed cementing a major marker in the Philippine economic map. Now, more than being known for its temperate climate and rich cultural background, Benguet is becoming a force to be reckoned with in terms of financial growth.

Consistent Economic Growth

Back in 2022, this mountainous city also topped the list of richest provinces and cities beyond the NCR. Even Mayor Benjamin Magalong, one of the top-performing mayors in the country, said that the economy of Baguio is doing pretty well. The positive trends in GDP growth and other financial factors only lead to higher expectations; hence, consistency is key.
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With increasing MSMEs, higher collections from business permit fees, and tourist arrivals, sustainable development is highly attainable for Baguio. There are also initiatives for a smart city management plan to sustain the city’s good economic performance. And more importantly, the aim of achieving good governance also plays a vital role in the winning streak of Baguio in the financial playing field

Final Thoughts

It’s evident how Baguio stays consistent in growing its business sector and building a stronger economy for every local resident. The initiatives of the local government, along with proper resource management, help create a stable financial foundation for the city. As a rising lion in Northern Luzon, it’s exciting to see where Baguio City will be in the next 10 years. Will it surpass the leading cities in NCR? Only time will tell, but data shows it can.
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