MANILA, Philippines — Makati City is still the country’s richest local government unit (LGU), according to the Commission on Audit (COA).
In its 2018 annual fiscal report submitted to the House of Representatives and the Office of the President, the COA said the financial business district’s total assets grew to P230.833 billion, up P34.26 billion from P196.57 billion in 2017.
Quezon City also remained in second place with total assets of P87.285 billion, up P18.95 billion from its 2017 total of P68.33 billion.
In the same report, the COA said that the 10 richest cities in 2017 were also the same ones last year. Of the 10, seven were from Metro Manila.
The 10 richest cities for 2018 and their total assets were: Makati City (P230.833 billion), Quezon City (P87.285 billion), Manila (P40.711 billion), Pasig City (P38.985 billion), Cebu City (P33.884 billion), Taguig City (P24.536 billion), Caloocan City (P18.381 billion), Pasay City (P18.278 billion), Davao City (P16.259 billion) and Calamba City (P12.606 billion).
Based on the COA report, the bulk of the increase in Makati City’s assets was due to the inclusion of the computation of the value of road networks in six barangays, namely, Sta. Cruz, Olympia, Valenzuela, Guadalupe Viejo, Pinagkaisahan and Pitogo.
The roadworks contributed a total of P33.52 billion to the city’s assets.