Quezon City richest LGU for second straight year – COA

MANILA, Philippines – Quezon City emerged as the wealthiest city for the second straight year, according to the Commission on Audit’s 2021 Annual Financial Report (AFR).

Quezon City, the country’s most populous city with almost 3 million residents, remained the richest local government unit (LGU), with P451.007 billion in total assets in 2021. It was still the wealthiest city despite a P1-billion decrease from the P452.333 billion it declared in 2020.

On Tuesday, October 18, Quezon City Mayor Joy Belmonte said the LGU was “wholly grateful and humbled” by the COA’s recognition.

“This distinction shows that our good governance efforts, particularly on fiscal reforms, have paid off. We owe this to the hardworking men and women of the city government. Without them, we cannot accomplish this feat,” said Belmonte.

“This honor will serve as our source of inspiration and strength to continue working for the betterment of our city and for the welfare of QCitizens,” she added.

Cebu, meanwhile, has maintained its top spot as the country’s wealthiest province for eight straight years. In 2021, the province reported P215.27 billion in assets, gaining around P2 billion from 2020, which was at P213 billion. But the second wealthiest city, Makati, was richer than Cebu, with P238.562 billion.

Rizal was the second wealthiest province in 2021 – though it was over a hundred billion away from Cebu – with P30.64 billion in assets.

The 215-page AFR, released by the COA on October 10, covered the financial statements of 81 provinces, 146 cities, 1,488 municipalities, 22,680 barangays, and the Bangsamoro government.

Around 1,676 LGUs submitted their financial statements for audit out of the total 1,715, yielding a 97.7% compliance rate.

Like in 2020, Quezon City, Makati, and Cebu province were the only LGUs with assets of over P100 billion in 2021.

Wealthiest cities (amount in billions)

1. Quezon City – P451.007
2. Makati – P238.562
3. Manila – P65.253
4. Pasig – P51.176
5. Taguig – 36.117
6. Cebu City – P33.343
7. Mandaue – P33.007
8. Mandaluyong – P31.44
9. Davao City – P26.556
10. Caloocan – P23.383

From 2020, the top four cities – Quezon City, Makati, Manila, and Pasig – retained their places in the rankings. But Taguig surpassed Cebu City and Mandaue to capture the fifth spot.

Previously excluded from the top 10, Mandaluyong managed to place eighth, causing Caloocan to drop to 10th place. Zamboanga City, previously the top 10 in 2020, lost its place in the rankings.

In 2020, Quezon City unseated Makati to become the wealthiest LGU after it skyrocketed from P96.4 billion in assets in 2019 to a whopping P452.33 billion the next year.

Wealthiest provinces (amount in billions)

1. Cebu – P215.27
2. Rizal – P30.638
3. Batangas – P29.705
4. Davao de Oro – P23.211
5. Bukidnon – P19.455
6. Negros Occidental – P18.025
7. Ilocos Sur – P17.907
8. Iloilo – P17.399
9. Isabela – P16.419
10. Palawan – P16.109

Second-placer Rizal grew by P7 billion in assets in 2021, with a change from P23.053 billion in 2020 to P30.638 billion in 2021. This allowed the province to surpass tourism haven Batangas by almost a billion.

Newcomer Ilocos Sur zoomed past Iloilo, Isabela, and Palawan to land seventh place. Meanwhile, Davao de Oro, Bukidnon, and Negros Occidental remained stagnant in fourth, fifth, and sixth place, respectively.

Iloilo grew by P2.5 billion, reaching eighth place, while Isabela dropped from seventh to ninth.

Palawan also dropped one place, from ninth in 2020 to 10th in 2021.

Wealthiest municipalities (amount in billions)

1. Carmona, Cavite – P6.212
2. Limay, Bataan – P4.795
3. Silang, Cavite – P3.738
4. Cainta, Rizal – P3.393
5. Taytay, Rizal – P3.274
6. Binangonan, Rizal – P3.141
7. Caluya, Antique – P3.117
8. Sta. Maria, Ilocos Sur – P3.044
9. Cabugao, Ilocos Sur – P2.967
10. Rodriguez, Rizal – P2.915

From seventh place in 2020, Carmona’s assets ballooned by P3.74 billion to the top spot.

Caluya in Antique emerged the only municipality on the list that is not located in Luzon.

Newcomers Sta. Maria and Cabugao, both in Ilocos Sur, booted out Mariveles in Bataan and Sual in Pangasinan. – Rappler.com