How Living and Working in Makati Can Boost Your Financial Standing

The Philippine city continues to expand its business/commercial centers and residential communities apace with other emerging urban hubs of the country. By Arturo Cuevas

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Makati City
Photo courtesy of Ayala Land/Make It Makati

The figures have it. You would have a heads-up in achieving a better financial standing if you live and work in Makati.

Recent data from www.payscale.com show Makati ahead of Manila and Quezon City on average salary which was estimated at a gross pay of P395,925. On the other hand, the Seattle-based online information resource on wages worldwide estimate Manila’s average gross pay at P382,489, while that for Quezon City was at P294,211.

Another comparison validates Makati’s advantage, income-wise. Using 2009 data, a study of the National Statistical Coordination Board (NSCB) in 2012 ranked the city of Makati as the No. 1 in the top 10 Philippine cities in terms of per capita income (see table below). Per capita income is measured by dividing total annual income earned in a locality by its total population.

Top 10 Philippine Cities on Per Capita Income

RankCityRegion2009 Per Capita Income (in Phil. Pesos)
1MakatiNCR16,535
2TagaytayIV-A10,061
3PasigNCR8,816
4San JuanNCR7,367
5ParañaqueNCR7,197
6OlongapoIII7,191
7MandaluyongNCR6,944
8MuntinlupaNCR6,791
9SantiagoII6,549
10Sta. RosaIV-A6,518
(Philippine average)3,951

Table from www.pinoymoneytalk.com

Based on the same NSCB 2009 statistics, Makati generated an annual income P8.9 billion, next only to the Quezon City’s record of P10.3 billion and fractionally higher than Manila’s P8.8 billion. Notably, Manila and Quezon City did not figure in the top 10 Philippine cities per capita income-wise because of their much larger population base.

Front Seat in a Vibrant Economy

Having a preview of comparative per capita incomes among hubs of business opportunities is useful especially for folks weighing options for places to work and live in. Per capita income, economists agree, provides an indication of how good (or bad) a local government unit is in generating and/or nurturing income-producing economic activity in its jurisdiction.

Tax revenue as a benchmark of economic activity likewise puts Makati ahead of all other Philippine cities with P7.5 billion it collected in 2009, as per the NSCB study. Latest reports indicate that Makati’s tax take in 2017 will nearly double from this 2009 level. For this January alone, the city’s tax collections already totaled P7.54 billion or over half of its 2017 target.

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Real Estate’s Tailwinds

Increased realty taxes, a clear indication of the city’s thriving real estate industry, contributed significantly to the reported spike in January revenues. For the month, P3.2 billion realty taxes were collected, representing 87 percent of the P4.1 billion total annual target and a 12 percent increase from the previous year.

Entrenched as the country’s financial capital, Makati continues to flex its muscles. Thanks to its vibrant real estate sector, the skyline of the city continues to expand beyond prime streets like Ayala Avenue and Paseo de Roxas, which are home to major local and international companies offering plenty of job and business opportunities.

New Lifestyle Hubs and Residential Enclaves

“Make It Makati,” a P125 billion mega project of Ayala Land is poised to bring a major transformation of the city. This project, now in full swing, covers six nodes each of which has specific themes for their development.

Ayala Triangle Park
Ayala Triangle Gardens photo courtesy of Ayala Land/Make It Makati

One, the McKinley Exchange, is geared to be a multi-modal transport hub at the former site of the Intercontinental Hotel at the Ayala Avenue and EDSA intersection. The project also covers further enhancements at the Ayala Center as the lifestyle cosmopolitan hub and at the Makati Central Business District (CBD). Also included for further development are the Ayala Triangle Gardens set as an “urban oasis,” CityGate, oriented for the youth, and Circuit Makati as an entertainment hub.

Significantly, the Circuit Makati node is also bringing in a slew of residential offerings in its planned condominium towers. In July 2016, the Ayala Land unit Alveo launched its third residential tower in Callisto, which will have a total of 430 units.

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Asten’s Three Towers

Other selections on living quarters in the city have vastly expanded too in other areas off from the CBD. This could be seen in major condominium projects like Avida Towers Asten along Malugay and Yakal Streets in West Makati.

Avida Towers Asten

This Avida development is set for three condo towers with a mixed selection of designs and floor plans. Retail and commercial spaces are planned on Asten’s ground floors, nestled around an amenity area with swimming pools. The setup, condo designs, and broad price points (between P3.1 million and P16.5 million) should help bring this condominium within reach of many home buyers aspiring to live and work in Makati.

Setting one’s roots in Asten could provide the platform for financial growth with all the economic opportunities available around this property. Its home grounds of Makati City, as seen in recent economic data, is not only a haven for gainful employment. The city is also a fertile ground for entrepreneurs, given its vibrant local economy, business incubators, and the potent corporate network Makati has woven throughout the years both locally and internationally.

Aspiring to work and live in Makati? Know more about Avida Towers Asten, here