10 Richest Cities in the Philippines

3)    MANILA CITY

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Manila, the national capital of the Philippines, has total income of 8.8 billion pesos. It has the highest expenditure on education, culture, sports/ manpower development, and health, nutrition and population control for over 3.1 billion pesos. Its total income from local sources is 4.8 billion pesos, and 4 billion pesos from tax revenue.

In 1571, Miguel Lopez de Legazpi coined it as the “distinguished and most loyal city of Manila” and declared it as the nation’s capital. That is why historical sites such as the walled city, Intramuros, can be found there. In addition, it is also location of the oldest university in Asia, the University of Santo Tomas. The city has been participating to international trades with the Chinese before Spanish colonization, and it gained even more recognition with the Manila-Acapulco Galleon Trade in the 1600s.

Manila is a metropolitan center with a diverse economy from tourism to other industries. This 2015, Manila was identified by the real estate and investment management firm, JLL, as one of the world’s top 30 cities. It indicates Manila’s vibrant economy in terms of the growing real estate activity and the BPO industry. It was also ranked 75th to the world’s most expensive city for expats by Mercer’s 21st annual Cost of Living Survey this year.

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