This article explores the evolving role of real estate developers in the wider metropolitan region of Manila, the Philippines. We argue that, given the relational nature of these actors, they are a relevant object of analysis for the formulation of "mid-level" theories that take into account both global, macroeconomic trends and local, history-dependent contingencies. As we consider developers' activities and interactions with a wide range of public and private actors, we retrace their gradual empowerment since the beginning of the postcolonial period. As a handful of powerful land-owning families created real estate development companies, urban production quickly became dominated by a strong oligarchy capable of steering urban development outside the realm of public decision-making. Philippine developers subsequently strengthened their capacity by stepping into infrastructure provision, seemingly expanding their autonomy further. More recently, however, we argue that while the role of private sector actors in shaping urban and regional trajectories has scaled up, their activities have been tethered more strongly to a state-sponsored vision of change. Both by reorienting public-private partnerships (PPP) toward its regional plans, and by initiating new forms of public-private partnerships that give it more control, the state is attempting to harness the activity of developers. We characterize this shift as a move from the "privatization of planning" to the "planning of privatization" of urban space.