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CEBU CITY, Philippines – Mandaue City remained as one of the top 10 richest cities in the Philippines in terms of equity for the year 2023 but its neighbor, the Queen City of the South – Cebu City, failed to do so.
Cebu City only landed at the 13th spot, based on the latest Annual Financial Report from the Commission on Audit (COA)
Quick analysis from the latest Annual Financial Report from COA revealed that while Cebu City remained among the 10 wealthiest cities in terms of assets, other cities have surpassed it when it comes to net assets or equity.
Cebu City’s assets in 2023 amounted to a total of P30.9 billion, making it the 10th richest city in the Philippines in terms of assets.
But when subtracted by its liabilities of over P11 billion – which was a huge reduction from the P15 billion it had in 2022 – the city has been left with net assets of approximately P20 billion.
Other cities in the country like Davao, Taguig, and Butuan have surpassed Cebu City’s net assets or equity.
The ‘industrial hub’ of Cebu island had assets valued at a total of approximately P36 billion. With only around P2.7 billion in liabilities, the city managed to keep an equity of P32.7 billion.
Quezon City still richest
Except for Mandaue, all top 5 wealthiest cities in the Philippines belonged in Metro Manila, with Quezon City topping the list with net assets amounting to approximately P413 billion.
It was followed by Makati City, the country’s financial hub, at P226 billion; the capital Manila City at P50 billion; and Pasig City with around P46 billion.
Mandaluyong is the 6th richest city with net assets of P27.3 billion. It was followed closely by Butuan with P27 billion. Parañaque, Davao and Taguig rounded the top 10 with equity of P25.5 billion; P25 billion; and P24.6 billion respectively.
Comparison in 2022
Both Cebu and Mandaue had observed a slight increase in the value of their assets in 2023 compared to the figures they posted in 2022. However, when it comes to liabilities, Mandaue City has increased by P600 million while Cebu City was drastically reduced by up to P4 billion.
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