Makati still wealthiest LGU with P230.8B total assets


    MAKATI City remains the country’s wealthiest local government unit with total assets of P230.833 billion based on the 2018 Annual Financial Report submitted by the Commission on Audit to Congress and the Office of the President last month.

    Based on the report dated September 19, Makati’s assets grew by P34.26 billion from the 2017 total of P196.574 billion. The bulk of the increase was represented by the inclusion last year of the computation of the value of road networks in the six barangays of Sta. Cruz, Olympia, Valenzuela, Guadalupe Viejo, Pinagkaisahan, and Pitogo with a total carrying value of P33.52 billion.

    Makati also retained the distinction as the only LGU in the hundred billion assets region.
    Quezon City, the second richest LGU in 2018, posted total assets of P87.285 billion, up P18.95 billion from its 2017 total of P68.33 billion.

    The same 10 cities that made it to 2018’s Top 10 Richest were the same ones in the 2017 list, with seven slots going to LGUs in Metro Manila and the remaining three going to Cebu City, Davao City and Calamba City.

    All 10 cities kept their respective ranks in the roster except for Pasig City, which climbed from 5th to 4th spot to switch places with Cebu City.

    The full top 10 list: 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

    For the list of the country’s richest provinces, Cebu remained the pace setter in 2018 with P35.659 billion in total assets, which is up by P1.52 billion from P34.139 the year before.

    It was followed by Compostela Valley (P19.615 billion) in second place, Batangas (P18.186 billion) at third, and Rizal (P18.076 billion) at fourth spot.

    Bukidnon barged into the top 10 from out of the field to secure 5th place with P15.278 billion in assets. Its entry dropped Negros Occidental to 6th with P14.446 billion.

    Laguna, also nowhere in the top 10 in 2017, leaped over three other provinces to take 7th spot with P11.587 million.

    Rounding out the count are Iloilo, 8th withP11.442 billion; Palawan, 9th with P11.277 billion; and Zambales, 10th with P11.241 billion.

    Dropping out of the list are Bulacan which was 7th in 2017 and Pampanga which held 10th spot.

    The municipality of Cainta, Rizal remained unchallenged as the richest municipality in the country with assets amounting to P4.437 billion, up P449 million from the previous year.

    Erstwhile 6th placer Mariveles, Bataan overtook four other towns to capture No. 2 with assets of P3.016 billion, up P924 million or a whopping 44 percent increase since 2017.

    Sual, Pangasinan, dropped one place to land 3rd with P2.805 billion in assets, followed by Sto. Tomas, Batangas which climbed one rung to occupy 4th place with P2.566 billion.

    The rest in the top 10 are Binangonan, Rizal 5th with P2.218 billion; Caluya, Antique 6th with P2.161 billion; Tanay, Rizal 7th with P2.014 billion; Carmona, Cavite 8th with P1.969 billion; Silang, Cavite 9th with P1.9 billion; and Calaca, Batangas 10th with P1.876 billion.

    Save for Caluya, Antique, all the municipalities in the top 10 are located in Luzon. No municipality from Mindanao made the list.

    Dropping out of the 2018 list are Limay, Bataan which was No. 3 in 2017, and Narvacan, Ilocos Sur which was previously at No. 9.