The region is the center of culture, economy, education and government of the Philippines. Designated as a global power city, the region exerts a significant impact on commerce, finance, media, art, fashion, research, technology, education, and entertainment, both locally and internationally. It is the home to all embassies in the Philippines, thereby making it an important center for international diplomacy in the country. Its economic power makes the region the country's premier center for finance and commerce. The region accounts for 36% of the gross domestic product of the Philippines.