Underscoring its dramatic rise as a bustling entertainment and investment destination, Parañaque City is adjudged the most economically dynamic city in the Philippines in the 2014 Cities and Municipalities Competitiveness Index released today by the National Competitiveness Council.
As a result of its dynamic economic performance, Parañaque also made it to the Top Ten of the country’s Most Competitive Cities, ranking tenth overall among 136 cities and municipalities that were ranked for the year.
“This is an achievement that should inspire us all to work harder because we still have tremendous room for improvement,” Mayor Edwin L. Olivarez said after the index was released. “I believe we should be able to rise further in the rankings in the coming years.”
The first-term mayor, who marked his one year in office only last month, said his administration will make sure that Parañaque’s economic dynamism is further enhanced while improving on other aspects of competitiveness like infrastructure and government efficiency, where he admitted that there is much room for improvement.
“Being named the most economically dynamic city is not only a great honor but also a huge challenge, and we are up to it,” the mayor said.
Parañaque’s economic surge is mostly in part due to the huge developments in the Entertainment City, a mixed use complex along Manila Bay that features world-class casinos, hotels, shopping and leisure destinations, theaters and marinas, among others.
The entire Entertainment City is within Parañaque’s boundaries, and the developments there are attracting more investors who are eager to take advantage of increasing tourist traffic both domestic and international.
Parañaque also plays host to the country’s premier airport, the Ninoy Aquino International Airport.
According to the NCC website, the Cities and Municipalities Competitiveness Index is an annual ranking which it developed through the Regional Competitiveness Committees with the assistance of the United States Agency for International Development or USAID.
The rankings are based on data collected and submitted by the RCCs. The complete index is posted on the NCC website.
The NCC said cities and municipalities are ranked on their competitiveness based on an overall competitiveness score. The overall competitiveness score is the sum of scores on three main pillars – economic dynamism, government efficiency and infrastructure – where data was pooled from several sub-indicators.
The website said scores are determined by the values of the actual data, as well as the completeness of the submitted data. The higher the score of a city or municipality, the more competitive it is.