NCR economy grows 5.6%, fastest since 2022

The National Capital Region's (NCR) economic output grew by 5.6% in 2024, marking the fastest growth since 2022.

According to Philippine Statistics Authority data, NCR contributed 31.2% to the national economy and had an economic size of P6.94 trillion at constant prices.

The services sector, which accounted for nearly 83% of NCR's output, grew by 5.9%, with financial and insurance activities expanding by 8.4%. However, inflation eased to 2.6% from 6.2% in the previous year.

Nicholas Antonio T. Mapa, a senior economist at Metropolitan Bank & Trust Co., attributed the faster growth to lower inflation and sustained services sector performance, though agricultural output slowed due to extreme weather conditions.

Metro Manila's per-capita gross regional domestic product reached P503,483 in 2024, up 5% from the previous year.