Makati is now only the second-wealthiest local government.
Quezon City topped the Commission on Audit’s (COA) list of cities with the biggest amount of total assets.
The most populous city in the country and the largest in Metro Manila has P452.33 billion in total assets, according to COA’s 2020 Annual Financial Report for the Local Government released in December 2021.
This was a 369-percent increase compared to the city’s P96.42 billion in assets in 2019.
Makati, which put Quezon City in second place for the past three years, now trailed behind with P238.46 billion in total assets.
Quezon City also has the highest amount of total revenue among cities at P24.02 billion.
Meanwhile, Cebu is the richest province with P213 billion and Limay, Bataan, is the richest municipality with P4.46 billion.
Quezon City Mayor Joy Belmonte attributed the growth to the city government’s “concerted effort to properly record its assets.“
“Through the city’s good governance efforts, we were able to properly reflect assets owned by Quezon City. The assets…were already there for the past years. They were just not properly recorded and recognized,” Belmonte said.
The city government inventoried and recorded fixed assets like infrastructure, buildings, roads, and other properties.
“We also thank our government workers who have made the ultimate sacrifice during this pandemic. If not for everyone’s help, we won’t be able to accomplish this milestone,” Belmonte said.
The Department of Finance’s Bureau of Local Government Finance also listed Quezon City as a top-performing city in local revenue generation in its Memorandum Circular No. 6 for 2021.
Quezon City had placed first in the list of top local government units in terms of nominal locally sourced revenues with P16.95 billion in collections.