The bible of Philippine politics

Makati still at the top – COA

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by Allan Yves Briones

Makati City is still the king.

At least among the richest local government units (LGU) in 2018, according to the Commission on Audit.

The 2018 Annual Financial Report for Local Government revealed the Philippines’ financial center eclipsing even its closest competitors with P230.83 billion in total assets – higher by P34.26 billion from 2017.

Its closest rival, Quezon City, which it overtook in the same year, posted significantly less assets totaling P87.28 billion. While the nation’s capital lagged even further behind at P40.71 billion.

And yet Makati’s chief executive showed no signs of slowing down.

Just last Wednesday, Makati Mayor Abby Binay announced a massive P3.7 billion subway project aimed at reducing traffic in the heavily congested city, expected to come online in 2025.

In a forum yesterday, the mayor also reiterated the importance of the local government’s relationship with the private sector to stimulate economic growth and social development.

The rest of the top 10 richest LGUs are as follows:

Pasig City – P38.99 billion
Cebu City – P33.88 billion
Taguig City – P24.54 billion
Caloocan City – P18.38 billion
Pasay City – P18.28 billion
Davao City – P16.26 billion
Calamba City – P12.61 billion

The state auditing agency’s report also showed that Cebu remained the wealthiest province, with P35.65 billion in total assets, for the fifth consecutive year.

Meanwhile, Cainta, Rizal held firm as the richest municipality, gaining P300 million in the past year, shooting up to P4.4 billion in total assets. #

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