Quezon City still Philippine’s richest LGU

MANILA, Philippines — For four consecutive years, the Quezon City government under the helm of Mayor Joy Belmonte has been recognized as the richest local government unit (LGU), with total assets of P448.509 billion as of end-2023.

Based on the Commission on Audit (COA)’s 2023 Annual Financial Report on Local Government, Quezon City led all LGUs, surpassing the total assets of the country’s richest province, Cebu, at P309.897 billion.

The COA said the total assets were computed based on the LGU’s cash, cash equivalent and receivables as well as its non-current assets such as property, plant and equipment.

Quezon City  has been holding the “richest LGU” distinction since 2020, with the steady management of its wealth, which grew from P96.423 billion in 2019 to P452.333 billion in 2020.

Since then, Quezon City managed to maintain its wealth around the P400-billion mark or P451.007 billion in 2021, P443.406 billion in 2022 and P448.509 billion in 2023.

Makati, which last held the top spot in 2019, was ranked second richest city with total assets of P243.444 billion, up from P239.478 billion in 2022.

Only Quezon City, Makati and the provincial government of Cebu breached the hundred-billion-peso mark in terms of wealth.

The COA’s report was culled from the audited financial statements submitted by 1,698 LGUs composed of 81 provinces, 149 cities and 1,464 municipalities and the Bangsamoro government.

The COA said the report covered 98.72 percent of the country’s 1,720 LGUs.

The top 10 wealthiest cities in 2023 are Quezon City with P448.509 billion in assets; Makati, P243.444 billion; Manila, P85.92 billion; Pasig, P53.72 billion; Taguig, P51.594 billion; Parañaque, P35.512 billion; Mandaue City, P35.367 billion;  Mandaluyong, P33.919 billion; Davao City, P32.884 billion, and Cebu City with P30.93 billion.