For the third straight year, Makati has been recognized as the country’s richest local government unit with total assets reaching 234 billion pesos in 2019, according to a Commission on Audit report.
Based on the COA’s 2019 Annual Financial Report on LGUs, Makati’s assets grew by three billion pesos in 2019 from total assets of 231 billion pesos in 2018.
The city government’s wealth for 2019 was higher than the entire province of Cebu, which posted total assets of 204 billion pesos. This made Makati the sole city in the country with over 200 billion pesos in assets.
The growth in Makati’s wealth was mainly attributed to improved tax collection from 17.8 billion pesos in 2018 to 18.4 billion pesos in 2019.The audit body said this was on top of 31.4 million pesos in revenue generated from the issuance of local clearances.
Quezon City remains as the second wealthiest city, with total assets of 96.4 billion pesos in 2019 from 87.3 billion pesos in 2018.