Manila Mayor Isko Moreno Domagoso highlighted that data from the Bureau of Permits (BOP) show entrepreneurs “continue to bet on Manila,” even as external risks weigh on national growth prospects.
According to the latest data, Manila’s business environment is thriving, with 12.99% more businesses registered this year, marking a significant 10.51% net growth in registered businesses. This growth is seen even amid national economic challenges, including a slowdown in foreign investments and a downward revision of the national growth forecast for 2024. The city has registered 55,924 businesses, with only 1,390 businesses retiring, reflecting a modest 2.48% retirement rate.
Mayor Domagoso attributed this strong performance to several reforms implemented since July 2025, including the reactivation of the electronic Business One Stop Shop (eBOSS), streamlining zoning requirements from 25 steps to seven, and reducing zoning appeals from 15 steps to five. These changes have significantly reduced the time and complexity involved in doing business in the city, making Manila an attractive destination for entrepreneurs.
In addition, Domagoso highlighted the city’s fiscal improvements, with collection efficiency increasing from 61% in the first half of 2025 to 81% from July to September. The mayor’s efforts in stricter revenue enforcement and efficient governance have helped maintain Manila’s position as a resilient economic hub, even as national economic forecasts face downward revisions.
The ASEAN+3 Macroeconomic Research Office (AMRO) recently lowered its 2024 Philippine growth forecast to 5.2%, citing a weaker-than-expected third quarter and weather-related disruptions. Furthermore, Fitch Solutions’ BMI warned of a potential slowdown in foreign direct investment, forecasting challenges through 2026 due to concerns about corruption and global uncertainty. The peso also faced pressure, trading at around P58.90 to the US dollar.
Despite these headwinds, Domagoso expressed confidence in Manila’s continued growth, crediting the city’s permitting reforms, fiscal management improvements, and enhanced frontline services. The mayor also noted that his administration’s first 100 days had brought in P7.1 billion in investments and created 12,752 new jobs, showcasing the city’s ability to attract investment and create employment opportunities despite national economic challenges.
