In what some might consider a surprising upset, the Commission on Audit’s (COA) Annual Financial Report on Local Government Units 2017 revealed that Makati has overthrown Quezon City to become the Philippines’ richest city in 2017.
According to a report in the Philippine Daily Inquirer, based on their financial statement, Makati changed their accounting techniques, adding all their public infrastructure projects to their computation of assets. This amounted to an increase of 258 percent to its assets, from P54.85 billion in 2016 to P196.57 billion in 2017.
Previously, public infrastructure projects were transferred to the registry of public infrastructure.
The Philippines’ other rich cities
Although Quezon City is now on the second spot, it still shows a positive feedback after posting a 15-percent increase from its 2016 financial record of P59.56 billion to P68.33 billion in 2017.
The other eight richest cities in the Philippines can be been in the table below:
Total assets in 2017
|1||Makati City||P196.57 billion|
|2||Quezon City||P68.33 billion|
|3||Manila City||P38.677 billion|
|4||Cebu City||P34.14 billion|
|5||Pasig City||P33.7 billion|
|6||Taguig City||P19.6 billion|
|7||Caloocan City||P17 billion|
|8||Pasay City||P16.66 billion|
|Davao City||P13.8 billion|
|Calamba City (Laguna)||P12.41 billion|
Top 10 Richest Provinces 2017
The province of Cebu was deemed the wealthiest in 2017, with total assets of P34.139 billion. This is the fourth year in a row that it has been deemed the Philippine’s richest province.
Compostela Valley made it to the top ten richest provinces for the first time with a 405 percent increase from P3.74 billion in 2016 to P18.95 billion in 2017. Another new entry in this list is the province of Zambales, coming in as the sixth richest province in the Philippines.
TOTAL ASSETS FOR 2017
|2||Compostela Valley||P18.95 billion|
|5||Negros Occidental||P12.9 billion|
Top 10 Richest Municipalities 2017
Rizal’s Cainta is the Philippine’s richest municipality for the year 2017 with a total of P3.988 billion in total assets. Following it is Sual, a town in Pangasinan with assets totaling to P2.528 billion and Limay Town in Bataan with P2.42 billion assets.
TOTAL ASSETS FOR 2017
|1||Cainta, Rizal||P3.98 billion|
|2||Sual, Pangasinan||P2.5 billion|
|3||Limay, Bataan||P2.4 billion|
|4||Sto. Tomas, Batrangas||P2.15 billion|
|5||Binangonan, Rizal||P2.11 billion|
|6||Mariveles, Bataan||P2.09 billion|
|7||Tanay, Rizal||P1.8 billion|
|Carmona, Cavite||P1.65 billion|
|Narvacan, Ilocos Sur||P1.62 billion|
|Silan, Cavite||P1.59 billion|