Makati retains spot as Phl’s richest LGU

Makati City has retained the distinction as the Philippines’ richest local government unit (LGU) with total assets reaching P230.833 billion in 2018, the Commission on Audit’s latest report showed.

Based on the state audit body’s “2018 Annual Financial Report” submitted to Congress and the Office of the President last Sept. 19, Makati’s assets grew by P34.26 billion in 2018 from P196.574 billion in 2017.

Makati also retained the distinction as the only LGU in the country with at least P100 billion in assets.

The growth in Makati’s assets was mainly attributed to the inclusion of the value of Local Road Network of six barangays – Sta. Cruz, Olympia, Valenzuela, Guadalupe Viejo, Pinagkaisahan and Pitogo.

State auditors said these include road rights of way, road pavements and drainage under sidewalks with total carrying value of P33.52 billion.

Quezon City came in a far second with P87.285 billion in total assets in 2018 from P68.33 billion in previous year. It was in 2017 when Makati replaced Quezon City as the richest LGU.

Quezon City used to be the richest city in the country during the term of then mayor Feliciano “Sonny” Belmonte Jr. from 2001 to 2010.

After Makati and Quezon City, the other LGUs that made it on the list are Manila with P40.711 billion in assets; Pasig City, P38.985 billion; Cebu City, P33.884 billion; Taguig City, P24.536 billion; Caloocan City, P18.381 billion; Pasay City, P18.278 billion; Davao City, P16.259 billion; and Calamba City, P12.606 billion.