Richest city Makati surpasses ₱100-B mark in assets

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Metro Manila (CNN Philippines, November 6) — Makati is the richest city and local government unit (LGU) in the Philippines in 2017, surpassing longtime record-holder Quezon City, with ₱196.573 billion in total assets that year, according to the Commission on Audit (COA).

According to the 2017 COA annual financial report for local governments, Makati's assets ballooned by 258.38 percent from 2016, when it placed second to Quezon City, with just ₱54.850 billion in total assets.

The massive jump may be attributed to a change in accounting techniques in compliance with the requirements of the Philippine Public Sector Accounting Standards (PPSAS).

"Approximately 30 percent of the road networks were already accounted, however, the proper valuation and other necessary details in accordance with PPSAS will still be determined. All public infrastructure projects in previous years will be recorded back to the Property, Plant, and Equipment (PPE) accounts within the next five years," read Makati's 2016 financial audit report.

Makati's 2017 financial statement shows a 227.27 percent spike in inventories, from ₱227.741 million in 2016 to ₱745.337 million, and a 515.99 percent increase in PPE accounts, from ₱26.530 billion to ₱163.417 billion.

Makati is also the top earner among LGUs, with its revenues reaching ₱26.853 million in 2017, up from ₱14.266 million in 2016, when it also ranked second to Quezon City.

Quezon City, now placing second after years as the richest LGU, has ₱68.33 billion in total assets, up from ₱59.56 billion in 2016, ₱51.65 billion in 2015 and ₱47.87 billion in 2014.

Coming in at third place among the richest cities is the Philippine capital of Manila, which has total assets worth ₱38.58 billion, followed by Cebu City and Pasig City, with ₱33.86 billion and ₱33.703 billion in total assets, respectively.

President Rodrigo Duterte's hometown of Davao City is the ninth richest city in the Philippines, with total assets equal to ₱13.181 billion.

Here is the full list of the top 10 cities with the biggest amount of total assets:

  • Makati City - ₱196.573 billion
  • Quezon City - ₱68.332 billion
  • Manila City - ₱38.676 billion
  • Cebu City - ₱33.861 billion
  • Pasig City - ₱33.703 billion
  • Taguig City - ₱19.641 billion
  • Caloocan City - ₱17.010 billion
  • Pasay City - ₱16.662 billion
  • Davao City - ₱13.181 billion
  • Calamba City - ₱12.414 billion

Cebu province is the richest province in the country, with ₱34.14 million in total assets, while Cainta, Rizal is the richest municipality, with total assets at ₱3.99 billion.

Meanwhile, Compostela Valley makes it into the top 10 richest local government units.

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CNN Philippines Senior Researcher Ella Hermonio contributed to this report.