MANILA, Philippines – Makati City did not only overtake Quezon City as the Philippines’ richest local government unit in 2017, it also became the first LGU to breach the P100 billion mark in terms of assets.
This is based on the latest Annual Financial Report on LGUs prepared by the Commission on Audit (COA) and released in late October.
Makati reported total assets of P196.574 billion in 2017, almost triple the P54.85 billion it reported in 2016. What accounted for the considerable increase was the inclusion of the value of infrastructure projects, as required by the Philippine Public Sector Accounting Standards. In Makati’s case, that totaled P127.7 billion.
“Based on the inventory count conducted by the City in years 2016 and 2017, the local road network (LRN) of the 19 barangays were already accounted and recorded in the City’s book of accounts,” according to Makati’s financial statements in 2017.
Here are the rest of the wealthiest cities:
- Quezon City – P68.33 billion
- Manila – P38.677 billion
- Cebu City – P33.86 billion
- Pasig – P33.703 billion
- Taguig – P19.641 billion
- Caloocan – P17.011 billion
- Pasay – P16.662 billion
- Davao City – P13.182 billion
- Calamba – P12.414 billion
10 richest provinces
- Cebu – P34.139 billion
- Compostela Valley – P18.95 billion
- Batangas – P15.568 billion
- Rizal – P14.02 billion
- Negros Occidental – P12.889 billion
- Zambales – P10.455 billion
- Bulacan – P10.451 billion
- Palawan – P10.159 billion
- Iloilo – P10.045 billion
- Pampanga b– P9.53 billion
This was the first time Zambales made it to the top 10.
10 richest municipalities
- Cainta – P3.988 billion
- Sual (Pangasinan) – P2.529 billiion
- Limay (Bataan) – P2.426 billion
- Sto Tomas (Batangas) – P2.15 billion
- Binangonan (Rizal) – P2.106 billion
- Mariveles (Bataan) – P2.091 billion
- Tanay (Rizal) – P1.793 billion
- Carmona (Cavite) – P1.659 billion
- Narvacan (Ilocos Sur) – P1.627 billion
- Silang (Cavite) – P1.598 billion
Carmona, Narvacan, and Silang were on the top 10 for the first time.
Included in the 2017 Annual Financial Report on LGUs were 80 of 81 provinces, 142 of 145 cities, and 1,440 of 1,489 municipalities. – Rappler.com