Makati takes the 2nd Place
The Quezon City government, led by Mayor Joy Belmonte, has kept its title as the country's richest local government unit (LGU), with total assets of P451.007 billion in 2021, according to the latest report from the Commission on Audit (COA).
The COA's 2021 Annual Financial Report on Local Government, which was posted on its website on Oct. 10, revealed that the QC government led other LGUs by a large margin in terms of total assets, despite a P1.3-billion reduction from P452.333 billion in 2020.
The COA indicated that the total assets were calculated using the LGU's current assets (cash, cash equivalents, and receivables) and non-current assets (property, plant, and equipment).
According to records, Quezon City's total wealth in 2021 consisted of P403.402 billion in non-current assets and P47.605 billion in current assets.
The Makati City administration, which was last in first place in 2019, fell to second place with total assets of P238.562 billion, up from P238.465 billion in 2020.
In 2021, the city's total assets were P204.847 billion in non-current assets and P33.714 billion in current assets.
In 2021, the city's total assets were P204.847 billion in non-current assets and P33.714 billion in current assets.
Despite being touted as the richest province, Cebu fell to third place in 2021, with total assets of P215.27 billion (P205.156 billion in non-current assets and P10.114 billion in current assets), down from P213.005 billion the previous year.
In terms of wealth, only the local governments of Quezon City, Makati City, and Cebu province surpassed the hundred billion peso milestone in 2020.
The COA's 215-page report was compiled from audited financial accounts provided by 1,676 LGUs, including the Bangsamoro government, representing 81 provinces, 146 cities, and 1,449 municipalities.
The audit agency stated that the report covered 97.7 percent of the country's total LGUs because some did not submit their financial accounts for examination.
Apart from Quezon City and Makati, the top ten wealthiest cities in 2021 according to COA were Manila (P65.253 billion), Pasig City (P51.176 billion), Taguig City (P36.117 billion), Cebu City (P33.343 billion), Mandaue City (P33.007 billion), Mandaluyong City (P31.440 billion), Davao City (P26.556 billion), and Caloocan City (P22.203 billion).
The top four cities held their ranks from the previous study, while Taguig City jumped to fifth place from seventh in the previous edition.
Mandaluyong, which was not in the top ten in 2020, rose to eighth position, bumping Davao City and Caloocan down one rank and knocking Zamboanga City off the list.
Cebu (P215.27 billion), Rizal (P30.638 billion), Batangas (P29.705 billion), Davao de Oro (P23.211 billion), Bukidnon (P19.455 billion), Negros Occidental (P18.025 billion), Ilocos Sur (P17.907 billion), Iloilo (P17.399 billion), Isabela (P16.419 billion), and Palawan were the top ten richest province (P16.109 billion).
Carmona, Cavite (P6.212 billion), Limay, Bataan (P4.795 billion), Silang, Cavite (P3.738 billion), Cainta, Rizal (P3.393 billion), Taytay, Rizal (P3.274 billion), Binangonan, Rizal (P3.141 billion), Caluya, Antique (P3.117 billion), Sta. Maria, Antique (P3.117 billion), Sta. Ilocos Sur (P3.044 billion), Cabugao, Ilocos Sur (P2.967 billion), and Rodriguez, Rizal (P2.967 billion) (P2.915 billion).
SOURCE: philstar
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