Makati City remained as the country’s wealthiest city for the third straight year in 2019 as its total assets grew by 1.2 percent to P233.78 billion, according to the latest Commission on Audit (COA) report.
The COA’s annual financial report for local government showed that Makati City’s total assets increased by P2.95 billion from P230.833 billion in 2018.
The COA report also showed that only Makati City had a total asset worth over P230 billion in the country.
Quezon City’s, which remained the second wealthiest city in the country, total assets in 2019 grew by 10 percent P96.423 billion to P87.285 billion, based on COA reports.
The COA report showed that Manila remained as the country’s third richest city as its total assets expanded by 59.18 percent to P64.805 billion from P40.711 billion.
Rounding up the top 10 cities with the biggest amount of total assets in the country are Pasig (P45.639 billion), Cebu (P34.711 billion), Mandaue (P32.157 billion), Taguig (P29.065 billion), Caloocan (P20.599 billion), Pasay (19.795 billion) and Davao (P19.783 billion).
In terms of liabilities, Quezon City led all the cities in the country in 2019 at P21.624 billion followed by Manila at P17.631 billion and Cebu at P16.169 billion, according to the COA report. Makati’s total liabilities in 2019 was worth P15.143 billion.
The COA report showed that Makati also topped the list of cities in terms of value of net assets at P218.637 billion followed by Quezon City at P74.798 billion.
Among provinces, Cebu had the largest amount of total assets in the country at P203.9 billion followed by Batangas at P20.793 billion and Rizal (P20.275 billion), according to the COA report.
Cainta, Rizal led the country’s municipalities in terms of total assets at P4.933 billion followed by Limay, Bataan and Silang, Cavite at P4.605 billion and P3.842 billion, respectively, based on the COA report.