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:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)