Makati is richest city for third straight year — COA report

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Metro Manila (CNN Philippines, January 14) — Makati is the wealthiest city in the country for the third year running.

Based on the Commission on Audit’s 2019 Annual Financial Report on LGUs, Makati’s total assets increased to ₱233.78 billion from ₱230.83 billion in 2018 and ₱196.57 billion in 2017, when it took the top spot from Quezon City.

Completing the top ten list of richest cities for 2019 are Quezon City, with P96.4 billion in total assets; Manila with P64.8 billion; Pasig with P45.6 billion; Cebu City with P34.7 billion; Mandaue City with P32.2 billion; Taguig with P29 billion; Caloocan with P20.6 billion; Pasay with P19.8 billion; and Davao City with P19.78 billion.

The richest province for 2019 is Cebu with total assets amounting to P203.9 billion while the wealthiest town is Cainta, Rizal with P4.9 billion in total assets.

The rankings were based on the 2018 and 2019 financial statements of 1,653 local governments that were able to submit the required documents to COA. The country has 1,715 LGUs.

The COA report noted the total assets of 1,653 LGUs grew to ₱2.548 trillion from ₱2.09 trillion in 2018.