Quezon City is Philippines’ richest city for third straight year

QUEZON CITY was the richest local government in the Philippines in 2022, with assets hitting P433.4 billion, according to the Commission on Audit (CoA).

This was 1% lower than a year earlier, CoA said in its annual financial report released on Monday.

Makati City came in second place with assets worth P239.48 billion, followed by the city of Manila with P77.51 billion.

In 2020, Quezon City grabbed Makati City’s spot as the richest city with assets reaching P452.33 billion.

Cebu was the richest province with assets hitting P235.74 billion, or a 9.51% increase from a year earlier. Rizal was the second-richest province with assets reaching P35.6 billion, followed by Batangas with P32 billion.

The richest municipality was Carmona, Cavite with P6.5 billion in assets, followed by Limay, Bataan with P5.79 billion and Silang, Cavite with P4.45 billion.

Other cities that made it to the top 10 richest in 2022 were Pasig (P52.1 billion), Taguig (40.8 billion), Mandaue (34.2 billion), Mandaluyong (P32.5 billion), Cebu (P30.5 billion), Davao (P29.7 billion) and Parañaque (27.3 billion).

Making it to the top 10 richest municipalities were Caluya, Antique (P3.82 billion), Cabugao, Ilocos Sur (P3.80 billion), Cainta, Rizal (P3.76 billion), Taytay, Rizal (P3.67 billion), Claver, Surigao del Norte (P3.56 billion), Binangonan, Rizal (P3.49 billion) and Sta. Maria, Ilocos Sur (P3.26 billion).

The fourth-richest province was Davao De Oro (P23.11 billion), followed by Bukidnon (P21.06 billion), Ilocos Sur (21.56 billion), Iloilo (P19.98 billion), Negros Occidental (19.42 billion), Cavite (19.34 billion) and Pampanga (19.13 billion).

According to CoA, total assets were computed based on the local governments’ current assets, which are composed of cash and cash equivalents, investments, receivables, inventories and pre-payments and deferred changes.

Also part of the assets were investments, receivables, investment property, property, plant and equipment, biological and intangible assets. — Beatriz Marie D. Cruz