Makati City’s total assets soared to more than P195 billion in 2017, enabling it to dethrone Quezon City as the richest city in the country, the Commission on Audit (COA) said in its report.
In COA’s 2017 financial report on local governments, Makati City’s assets increased 258 percent to P196.57 billion from P54.85 billion in 2016.
Based on its financial statement, Makati City changed its accounting techniques, including public infrastructure projects in the computation of its assets in 2017.
“All public infrastructure projects such as road networks and other public infrastructure projects were no longer transferred to the registry of public infrastructure,” Makati City’s financial statement read.
Meanwhile, after years of being at the top, Quezon City has now become the second richest city in the country with total assets amounting to P68.33 billion in 2017. Quezon City was ranked No. 1 in 2015, when it posted P51.64 billion in total assets; and also in 2016, when it recorded P59.56 billion in total assets.
The City of Manila, on the other hand, remained in the third spot with P38.68 billion worth of assets in 2017. This figure, however, is a P2.5-billion increase from its 2016’s total assets of P36.1 billion.
Cebu City came in fourth with assets amounting to P33.86 billion while Pasig City is ranked fifth assets worth P33.7 billion in 2017.
In the sixth place is Taguig City with P19.6 billion worth of assets in 2017, followed by Caloocan City and Pasay City in seventh and eighth places with assets worth P17 billion and P16.66 billion, respectively.