QC regains position as richest city in Phl

Quezon City regained its position as richest city in the country with total assets of P452.333 billion in 2020.

From P96.423 billion in 2019, the latest Commission on Audit’s “2020 Annual Financial Report on Local Government” showed that Quezon City’s assets increased by 369 percent or a whopping P355.91 billion.

The huge increase vaulted Quezon City to the top of the list, overtaking Makati City, which recorded total assets of P238.464 billion from P233.781 billion in 2019.

Mayor Joy Belmonte attributed the growth in assets to the city government’s concerted effort to properly record its assets.

“Donated lands with transfer certificate of titles, deed of donations and Sangguniang Panlusod Resolutions were identified during a robust inventory conducted by the City’s General Services Department and valued based on the latest zonal valuation of the Bureau of Internal Revenue,” Belmonte said

Aside from Quezon City and Makati, also included in the top 10 wealthiest cities were Manila (P76.548 billion), Pasig City (P49.511 billion), Cebu City (P34.754 billion), Mandaue City (P32.571 billion), Taguig City (P30.682 billion), Davao City (P23.664 billion), Caloocan City (P22.203 billion), and Zamboanga City (P19.775 billion).