Manila - Economy

Economy

Manila's economy is diverse and multifaceted. With its excellent protected harbor, Manila serves as the Chief Seaport of the Country. Diverse manufacturers produce industrial-related products such as chemicals, textiles, clothing, and electronic goods. Food and beverages and tobacco products also produced. Local entrepreneurs continue to process primary commodities for export, including rope, plywood, refined sugar, copra, and coconut oil. The food-processing industry is one of the most stable major manufacturing sector in the city. Manila is a major publishing center in the Philippines.

One of the largest projects within the city is the ₱5 billion development by Ayala Land Inc., the Celadon Residences. Binondo has begun to be revitalized along with Divisoria, and several high-rise condominiums and offices are rising. Recently, a 20-hectare development was planned by the city government within the Port Area. A blueprint was created for the development of the area while the city government waits for President Aquino to authorize the use of the idle land. An area within the North Harbor was invested in by the San Miguel Corporation, which plan to build a ₱20 billion development known as San Miguel City. This would be a new business area located within the Metropolis which then serve the shipping requirements of the different divisions of the San Miguel Corporation. Anchor Land Holdings, a real estate developer, is spearheading the construction of condominiums and commercial spaces in Manila with most of their projects located within the city.

Tourism in Manila attracts over 1 million tourists each year. Major destinations include the Intramuros, museums such as the National Museum of the Philippines, and other tourist destinations including Ermita, Malate, Santa Cruz, the Manila Zoo, the City Chinatown and events such as the Feast of Black Nazarene, and free performances in Rizal Park and events within the Cultural Center of the Philippines. Rizal Park is a major tourist attraction and one of the most recognizable icons of the Philippines. Ermita and Malate, aside from being known for its nightlife, are well-known shopping destination for the upper class while Divisoria was the shopping destination for local residents.

In terms of cash position, the city has ₱1.6 billion while its gross operating expenses was ₱2.97 billion. The financial expenses of the city was P45 million, and has a liability of 3.3 billion. Manila has the highest budget allocation to health and was one of the cities with the highest tax revenue. Manila was also one of the cities with the highest internal revenue.

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Famous quotes containing the word economy:

    The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.
    Henry David Thoreau (1817–1862)

    Quidquid luce fuit tenebris agit: but also the other way around. What we experience in dreams, so long as we experience it frequently, is in the end just as much a part of the total economy of our soul as anything we “really” experience: because of it we are richer or poorer, are sensitive to one need more or less, and are eventually guided a little by our dream-habits in broad daylight and even in the most cheerful moments occupying our waking spirit.
    Friedrich Nietzsche (1844–1900)

    It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.
    Henry David Thoreau (1817–1862)