October 15, 2025Oct 15 File photo for reference only Baguio, the summer capital of the Philippines, was declared the wealthiest city outside the National Capital Region (NCR) in 2024, as reported by the Philippine Statistics Authority (PSA). An economic briefing led by PSA Chief Statistician Aldrin Federico Bahit Jr. took place in Baguio on Tuesday, October 14, 2025. Bahit highlighted that Baguio surpassed the economic performance of seven cities within NCR based on 2024 data. Baguio was ranked tenth among "highly urbanized" cities in the Philippines in 2024. Despite some economic challenges, including a decline in gross city domestic product (GDP) growth from 9% or ₱169.02 billion to 5.8% or ₱178.85 billion in 2023, Baguio's economy demonstrated resilience. Bahit stated that Baguio's GDP translated into a per capita output of ₱485,433, reflecting the goods and services produced per person in the locality. The city's industry and services sectors contributed significantly to its economic growth, with a record of ₱137.87 billion, accounting for 5.5% of Baguio's 5.8% growth in 2024. Additionally, Baguio emerged as the fastest-growing economy among cities in the Cordillera Administrative Region (CAR). According to the PSA's report released on October 14, 2025, Baguio accounted for 47.3% of the Gross Regional Domestic Product, estimated at ₱378.26 billion. Looking forward, Baguio's economic development shows promising prospects despite previous GDP fluctuations. The continued growth in industry and services sectors suggests potential for further economic resilience and expansion. As Baguio holds its position as a leading economy in CAR, future assessments will likely focus on maintaining and enhancing these gains. Key Takeaways Baguio was the wealthiest city outside NCR in 2024. The city showed a steady per capita GDP of ₱485,433. Baguio's economy led growth in the Cordillera region. Click here for more Philippine stories Adapted by ASEAN Now from Balita 2025-10-15
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