Economy
 

Business in the city is dominated by small and medium-scale establishments engaged mostly in the distribution of finished products and the provision of basic personal services. With a sizeable portion of the city's land area being developed for commercial and industrial ventures, complemented by the availability of a large manpower pool, Quezon City has great potential to support an increase in the number of big businesses in the city.

QC retains rank as RICHEST LOCAL GOVERNMENT UNIT

Quezon City retained its top rank as the most financially stable local government unit in the country based on the latest financial report of the Commission on Audit. Quezon City ranked number one in net income, in cash position, receivables, and current assets. The Commission on Audit report showed that the net income of Quezon City was P2.69 billion, followed by Makati with P1.88 billion and Pasig with P1.3 billion. In cash position, Quezon City has P3.27 billion; Pasig, P2.29 billion; Manila with P1.5 billion, and Makati with P1.34 billion. Makati ranked first in gross income with P6.6 billion and Quezon City is second with P6.1 billion. The biggest boost in Makati’s income came from real property taxes, which rose from P1.14 billion in 2002 to P1.8 billion in 2003. Quezon City, on the other hand, suffered loss in income from the reduction of its rates in business taxes. In terms of gross operating expenses, Manila spent P2.97 billion; Makati, P2.94 billion, and Quezon City P2.24 billion. For financial expenses, Makati earmarked P257.8 million; Quezon City, P51.2 million, and Manila P45 million.

Pasig City tops the list of LGUs which spent the least for administrative and operating expenses. This is reflected in the percentage of net income to the total income. Pasig City’s ratio of net income was 46 percent; Quezon City, 44 percent, and Makati 28 percent. But Pasig City’s ratio last year was 50 percent while Quezon City was 42 percent and Makati was 32 percent. This means that Quezon City improved its budget for capital expenditures, including infrastructures.

In terms of current liabilities Manila has P3.3 billion; Quezon City, P1.6 billion, and Makati has P1.13 billion. In long-term liabilities, Makati has P2.3 billion, Caloocan with P599 billion, and Quezon City with P515 billion. The latest CoA report reaffirmed the position of Quezon City as the richest city in the country.

Business statistics:

  • No. of business establishments (2001): 55,759
  • Distribution of business establishments, by industry:
    • Wholesale and retail trade: 47%
    • Manufacturers: 12%
    • Hotels and restaurants: 13%
    • Real estate, leasing & various business services: 8%
    • Community, social and other personal services: 6%
    • Others: 14%

MAJOR URBAN DEVELOPMENT PROGRAMS

CBD Development Program
(Metro Centro Quezon City Development Program)

The Cubao Business District is being revitalized to fully utilize its potential as the new entertainment and retail center and major transport hub.


 
 ImageEastwood City CyberPark

This is the country's first special economic zone dedicated to local and international information technology, where information technology-based services and products for export are located and integrated with residential, recreational and commercial facilities.
  


Balintawak Urban Development Zone

The old industrial sites are being invigorated through mixed-use development.
 
Payatas Urban Development Zone

This involves the rehabilitation of the dumpsite and its immediate surroundings, incorporating ecological solid waste management facility, livelihood programs and low-cost housing projects.

NGC Development Program

Another mixed-use development project, this integrates the National Government Offices with residential and commercial activities.
 
Development of Jacinto Steel Property

Located at the junction of Quirino Highway and Regalado Avenue, the Jacinto Steel Property is ideal for mixed use development owing to its strategic location and nearness to residential communities (Lagro and Fairview), which serve as its future market base.
 
Development of Quezon Institute Property

Another mixed-use development being proposed by Planning Resources and Operations Systems (PROS), it integrates the existing institutional areas with medium-rise commercial and residential buildings.
 
Development of East Triangle Area

Mixed-use development strategies will incorporate commercial and eco-park activities with present institutional uses. A proposed major feature is the development of the SSS Corporate Center.