Doing Business in Makati

Makati contributes about 20% of Metro Manila’s total GDP, making it the largest contributor in the region. With an average GDP growth of 6-7% per year, Makati’s economy is driven by its strong financial services, real estate, and retail sectors. The city’s role as the nation’s economic center, housing numerous local and multinational companies, has solidified its position as a prime destination for business investments.

Financial Services:Makati is home to the Makati Central Business District (CBD), which houses several local and international banks, insurance companies, and financial institutions. As the Philippine financial capital, Makati hosts the Philippine Stock Exchange (PSE) and the Makati Business Club, both integral to the country’s financial ecosystem.

Real Estate and Construction: Makati’s skyline is dominated by office towers, luxury residences, and mixed-use developments. The city’s real estate market continues to thrive, with significant investments in both commercial and residential properties. Real estate firms and property developers have seen consistent growth in the area.

Retail and E-commerce: Makati’s retail landscape is vibrant, with numerous high-end malls such as Greenbelt and Glorietta attracting both local consumers and international brands. E-commerce has also seen rapid growth in Makati, driven by the rise of online shopping platforms and the increasing use of digital payments.

Business Process Outsourcing (BPO): While other areas of Metro Manila have emerged as BPO hubs, Makati remains one of the top destinations for outsourcing operations. Its infrastructure and access to skilled labor make it attractive to global companies outsourcing various services.

Government Support for Businesses: Makati City is known for its business-friendly environment and support from local authorities. The Makati City Government offers various incentives to businesses, including tax breaks, business development programs, and the establishment of economic zones. Additionally, the Philippine Economic Zone Authority (PEZA) provides further incentives, such as tax holidays and other benefits for businesses operating within designated areas. Learn more about our Company Registration services.

Businesses in Makati must comply with national labor laws, including the Labor Code of the Philippines, which governs wages, working conditions, and employee benefits. Compliance with tax obligations, such as filing tax returns with the Bureau of Internal Revenue (BIR), is mandatory. Makati businesses are also required to contribute to the Social Security System (SSS), PhilHealth, and Pag-IBIG programs for employee benefits. Environmental regulations set by the Department of Environment and Natural Resources (DENR) must also be followed, particularly for businesses involved in manufacturing or resource-intensive operations. Explore our Accounting and Tax services for comprehensive support.

Philippines’ taxation system includes several key taxes for businesses:

Makati is known for its business-friendly environment and support from local authorities. The Makati Government offers various incentives to businesses, including tax breaks, business development programs, and the establishment of economic zones. Additionally, the Philippine Economic Zone Authority (PEZA) provides further incentives, such as tax holidays and other benefits for businesses operating within designated areas. Our Business Visa services can assist you in leveraging these opportunities.

Intellectual Property: Protecting IP is crucial in Makati. Companies must register trademarks, patents, and copyrights with the Intellectual Property Office of the Philippines (IPOPHL) to safeguard their innovations and branding assets. Enforcement mechanisms are in place to combat infringement and counterfeiting. Ask for our Trademark Registration services to ensure your assets are secure.

Labor Laws:  Philippines labor laws are comprehensive, covering Employment Contracts, working hours, minimum wages, and employee benefits. Businesses must comply with the Labor Code of the Philippines, which governs employment contracts, minimum wage standards, employee benefits, and working hours. The Department of Labor and Employment (DOLE) provides oversight and support for ensuring legal compliance and resolving labor disputes.

Environmental Regulations: Companies, particularly those in manufacturing or industrial sectors, must adhere to environmental standards set by the Department of Environment and Natural Resources (DENR). This includes regulations on waste management, pollution control, and sustainable practices to minimize environmental impact. We offer Business Contracts and Compliance Services to help you meet these standards.

Makati’s central location in Metro Manila makes it easily accessible to other key cities and regions in the Philippines. The city boasts world-class infrastructure, including:

With a population of over 629,000, Makati is one of the most urbanized and densest cities in the Philippines. The city is home to a highly skilled workforce, with many university graduates in business, finance, IT, and the arts. Additionally, Makati is a melting pot of young professionals, expats, and entrepreneurs. As the business hub of Metro Manila, it attracts top talent from across the country.

The Makati Central Business District (CBD) is one of the most sought-after areas for office spaces in the Philippines. Rental rates in the CBD range from PHP 1,200 per square meter per month, making it an attractive option for businesses looking to establish a presence in the country’s financial hub. High demand for commercial and residential spaces ensures steady demand for properties. Explore our Property Management services to secure your investment.

The real estate market in Makati is among the most expensive in Metro Manila. Prices for condominiums and office buildings in the CBD are rising due to limited land availability. Foreign investors can purchase condominium units, but land ownership remains restricted to Filipino citizens or corporations with at least 60% Filipino ownership. Real estate developments such as mixed-use projects and high-end residential towers continue to attract interest from both local and international investors. Learn more about our Property Acquisition Services.

1. PayMongo: PayMongo, a payment gateway startup founded in 2019 in Makati, provides businesses with seamless online payment processing solutions. Founded by entrepreneurs Francis Plaza, Isona Surip, and Rianne Aranguren, PayMongo allows merchants to accept credit cards, e-wallets, and other digital payments with minimal integration effort. The company quickly gained recognition in the fintech industry and raised over $20 million in Series A funding in 2020, growing to serve thousands of businesses in the Philippines. By 2023, PayMongo became one of the leading payment service providers in Southeast Asia, demonstrating how a local tech startup can revolutionize the digital payments landscape.

2. Booky: Booky, a restaurant discovery and reservation app founded in 2014 in Makati by entrepreneurs Dave and Mara Meier, has become a leading platform in the Philippines for finding dining options and making reservations. The app offers users access to exclusive deals and discounts, attracting millions of active users. In 2021, Booky raised $10 million in funding to expand its reach and further enhance its user experience. Today, Booky has over 1 million active users and features more than 10,000 restaurants in its database. Its success story highlights how technology and innovation can disrupt traditional industries, offering practical solutions for consumers while creating valuable partnerships in the local business ecosystem.

3. The Coffee Bean & Tea Leaf (Philippines): While The Coffee Bean & Tea Leaf is an international brand, its success story in the Philippines was catalyzed by the vision of local entrepreneurs who helped it grow significantly within the country. The first store in the Philippines opened in Makati in 2003, and over the years, the company expanded to more than 100 locations nationwide. As of 2023, The Coffee Bean & Tea Leaf Philippines has become a recognized leader in the coffee shop industry, pioneering initiatives like its loyalty rewards program and its commitment to sustainability through local sourcing. With a growing customer base and continued expansion, it serves as a testament to the power of local entrepreneurship in adapting global brands to meet the unique tastes and needs of the Filipino market.

Economic Forecast & Development Projects: Makati City’s economy is projected to experience steady growth, driven by major infrastructure initiatives such as the Makati Subway and the Eco-Transport System. These projects aim to enhance urban mobility, improve connectivity, and streamline business operations. The Makati Central Business District (CBD) will remain a premier hub for office spaces, retail, and mixed-use developments, attracting both local and international investors.

Challenges and Opportunities: While Makati grapples with traffic congestion and a rising cost of living, these challenges also present significant opportunities. Business potential is high in sectors like urban mobility, real estate development, and public transport innovation. As the financial capital of the Philippines, Makati offers exceptional prospects for companies in finance, retail, and technology to scale and thrive. Contact us to start your business journey in Makati today.