COA: Makati is Philippines’ richest city, Cebu the richest province

Makati City is still the country's wealthiest city with total assets worth P230 billion in 2018, the Commission on Audit's  Annual Financial  Report showed.

The worth of Makati's assets increased by P34 billion increase from P196 billion in 2017.

Makati’s increase in assets was credited to the amount of roads finished over the past year in six barangays—Sta. Cruz, Olympia, Valenzuela, Guadalupe Viejo, Pinagkaisahan and Pitogo.

Placing a far second is Quezon City, with assets worth P87 billion in 2018.

Quezon City’s total assets is up by P18.5 billion compared with its 2017 total of P68 billion.

Rounding up the top 10 richest cities are:

• Manila, P40 billion;
• Pasig City, P38 billion;
• Cebu City, P33 billion;
• Taguig City, P24 billion;
• Caloocan City, P18.3 billion;
• Pasay City, P18.2 billion;
• Davao City, P16.2 billion; and
• Calamba City, P12.6 billion.

The province of Cebu lorded it over the provinces with P35 billion worth of assets.

A far second was Compostela Valley with P19 billion, followed by Batangas with P18.1 billion and Rizal with P18 billion.

Others who made it to the top 10 richest provinces were:

• Bukidnon, P15 billion;
• Negros Occidental, P14 billion;
• Laguna, P11.5 billion;
• Iloilo, P11.4 billion;
• Palawan, P11.27 billion; and
• Zambales, P11.24 billion. —NB, GMA News