Quezon City now richest LGU – COA

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Metro Manila (CNN Philippines, December 25) – Quezon City now holds the title of richest local government unit (LGU) in the country in 2020.

According to the annual financial report released by the Commission on Audit (COA) last Dec. 22, Quezon City recorded total assets of ₱452.333 billion.

Quezon City dethroned the country's financial capital Makati City, which dropped to second place with ₱238.464 billion.

Makati City held the top spot for three straight years. It took the distinction from Quezon City back in 2017.

Completing the top ten richest cities for 2020 are Manila with ₱76.548 billion, Pasig City with ₱49.510 billion, Cebu City with ₱34.754 billion, Mandaue City with ₱32.570 billion, Taguig City with ₱30.682 billion, Davao City with ₱23.664 billion, Caloocan City with ₱22.203 billion, and Zamboanga City with ₱19.775 billion.

Cebu remains the richest province in the country in 2020 with total assets of ₱213.005 billion, followed by Batangas with ₱25.236 billion, and Rizal with ₱23.053 billion.

Also in the top ten richest provinces are Davao de Oro with ₱20.891 billion, Bukidnon with ₱18.557 billion, Negros Occidental with ₱17.170 billion, Isabela with ₱16.614 billion, Surigao del Norte with ₱15.787 billion, Palawan with ₱15.737 billion, and Iloilo with ₱14.837 billion.

Limay, Bataan is the new wealthiest town in the country in 2020 with total assets of ₱4.463 billion.

Silang, Cavite is at second spot with ₱4.238 billion while Caluya, Antique ranked third with ₱3.502 billion.

Cainta, Rizal - the former richest town in the country - fell to fourth place with ₱3.473 billion and is closely followed by nearby towns Taytay (₱3.118 billion) and Binangonan (₱2.803 billion).

Rounding up the top ten richest towns are Sual, Pangasinan with ₱2.677 billion, Carmona in Cavite with ₱2.471 billion, Rodriguez in Rizal with ₱2.390 billion, and Mariveles in Bataan with ₱2.378 billion.

The latest COA financial report is based on the financial statements of 1,673 LGUs, where total assets grew to ₱3.182 trillion in 2020 from ₱2.548 trillion in 2019.