MAKATI CITY – In terms of assets and net worth, Makati is still the richest city of the Philippines.

A Commission on Audit (COA) report showed Makati City, under helm of Mayor Abigail Binay, has assets totalling P233.7 billion.

In terms of annual revenues, Makati City with P18 billion budget, however, actually is second to Quezon City only which has annual budget of P27.8 billion.

QUEZON CITY MAYOR Joy Belmonte with author Mel Velasco and journalist Fred Gabot at a public forum

Quezon City, under Mayor Josefina Joy Belmonte is the country’s richest city and local government unit in terms of annual revenues but, is the second wealthiest city in terms of assets with P96.4 billion.

With P19.784 billion in total assets last year, Davao City landed on the 10th spot among the richest cities in the country in 2019 based on COA’s Annual Financial Report (AFR) for Local Government.

Following Makati and Quezon City is the country’s capital city of Manila with assets totaling P64.8 billion.

The other top cities in terms of assets are Pasig (P45.6 billion), Cebu City (P34.7 billion), Mandaue City (P32.1 billion), Taguig City (P29 billion), Caloocan (P20.5 billion), and Pasay (P19.7 billion).

Davao City was the lone local government unit in Mindanao to have made it to the list.

Mayor Sara Z. Duterte said the city’s inclusion in the list came as a surprise since the city government did not aim for it – at least in 2019.

“Actually, we did not target to achieve it in 2019. It is not (what) we are targeting,” she said.

“I instructed the City Treasurer’s Office to check if we had the same collection last year. From there, we will try to analyze if there is a change in terms of performance on the city government’s collection,” she said.

Based on the assessment of the accounting firm SGV last year, Duterte said the city’s economy looks set to pick up in 2022.

The city government recently announced that it has fully achieved its revenue target for 2020, even amid the pandemic.

The City Treasurer’s Office said the city earned a total income of P10.34 billion from local taxes, service income, business income, economic enterprise, other income, and Internal Revenue Allotment.

The amount exceeded the P9.6-billion income the city earned in 2019. (With Jeanne Michael Penaranda)