Mandaue one of richest cities

CEBU, Philippines — Mandaue City in Cebu has secured a spot among the top 10 richest cities in the country, in terms of assets, according to the latest 2024 Commission on Audit (COA) Annual Financial Report.

Topping the nationwide list is Quezon City, with total assets of ?489.95 billion, followed by Makati City with ?246.10 billion, third is Manila City with ?92.81 billion, fourth is Taguig City (?54.17 billion), and fifth is Pasig City (?54.77 billion).

Ranked sixth is Iloilo City with ?39.48 billion, seventh is Parañaque City (?38.21 billion), eighth is Davao City (?37.40 billion), ninth is Mandaue City (?35.78 billion), and tenth is Mandaluyong City (?34.1 billion).

Within Cebu island, Mandaue City topped the list among nine cities with ?35.78 billion in total assets, followed by Cebu City (?31.40 billion) and third, Lapu-Lapu City (?11.76 billion).

Other cities that followed, but recorded significantly lower assets are: Naga City with ?5.43 billion, Carcar City (?4.43 billion), Danao City (?3.42 billion), Talisay City (?3.38 billion), and Bogo City (?2.59 billion). Toledo City had no official asset figures reflected in the report.

Among municipalities or towns in Cebu, Consolacion led the list with ?2.99 billion, followed by Minglanilla (?2.5 billion) and Balamban (?1.9 billion). Other municipalities surpassing the ?1-billion mark are Tuburan (?1.7 billion), Liloan (?1.4 billion), Oslob (?1.347 billion), Dumanjug (?1.341 billion), Badian (?1.273 billion), Alegria (?1.212 billion), and Dalaguete (?1.092 billion).

On the recognition of Cebu as the wealthiest province in the country, former Cebu governor Gwendolyn Garcia reacted by posting on her Facebook page a photo of herself smiling, raising her right hand, and pressing her left hand to her chest.

“That’s my reaction. A picture says a thousand words. Dili sulti ang pabuhaton. Buhat ang pasulti-on,” Garcia told The Freeman.

Cebu Province generated ?339.85 billion in total assets in 2024, retaining its decade-long status as the wealthiest province in the Philippines.

During Garcia's term as governor, the province's assets increased significantly, rising from ?35 billion in 2018 to ?203.9 billion in 2019 after a reappraisal of Capitol real estate properties. The growth continued steadily in the following years: ?213 billion in 2020, ?215.27 billion in 2021, ?235.738 billion in 2022, ?309.9 billion in 2023, and ?339.85 billion in 2024.

The 2024 COA reports added that those trailing Cebu by a wide margin were: Rizal (?44.1 billion), Camarines Sur (?33.2 billion), Batangas (?32.6 billion), Cavite (?26.8 billion), Ilocos Sur (?26.1 billion), Davao de Oro (?23.36 billion), Iloilo (?22.33 billion), Negros Occidental (?22.15 billion), and Bukidnon (?21.93 billion).

The 2024 COA report also showed that Cebu had total liabilities of ?3.43 billion, leaving a total net worth or equity of ?336.42 billion, confirming the province’s financial strength and capacity as a key economic hub in the Philippines. — (FREEMAN)