Industrialization has become a major element in the development of a country as evidenced by its considerable share in the national income. This study shall revolve on the Macro-economic theory as used by Sicat, which states that "the demand for labor depends on the job opportunities available in the whole economy, in agriculture, in the tertiary sectors and in industry." This study sought to compare the contributions of Filipino and foreign owned manufacturing firms to Philippine economy. This study employed the descriptive survey method in order to determine the contributions of both domestic and foreign manufacturing industries in the economic development of the Philippines.