Makati still Philippines' richest local government unit

MANILA, Philippines – Makati City remained the country's wealthiest local government unit (LGU) for the second year in a row, reporting total assets of P230.833 billion in 2018.

According to the 2018 Annual Financial Report on LGUs submitted by the Commission on Audit in September, Makati's assets grew by P34.26 billion from its total assets of P196.574 billion in 2017.

Bulk of the increase was attributed to the inclusion of the computation of the value of road networks in 6 barangays that totaled P33.52 billion.

In 2017, Makati not only overtook Quezon City as the Philippines' richest LGU but also became the first LGU to breach the P100-billion mark in terms of assets. In 2018, Makati is still the only LGU that has breached the P100-billion mark.

The top 10 richest LGUs in 2017 again made it to the 2018 list:

Top 10 richest provinces

Bukidnon and Laguna were not in the 2017 list. Bulacan and Pampanga, which were 7th and 10th richest provinces in 2017, respectively, dropped from the 2018 list.

Top 10 richest municipalities

No municipality from Mindanao made it to the list. – Rappler.com