QC, Cebu remain the wealthiest city and province in PH
Quezon City (QC) remains the wealthiest city in the Philippines for the second straight year, while Cebu bagged the country’s richest province in the latest financial report released by the Commission on Audit (COA).
According to COA’s data, QC’s assets amounted to ₱451 billion (US$7.66 billion) in 2021, down ₱1 billion from its 2020 figures.
Makati City ranked far second with ₱238.5 billion (US$4.05 billion), while Manila lagged behind as third richest with ₱65.2 billion (US$1.11 billion).
In the countryside, Cebu remains the country’s richest province with ₱215.27 billion (US$3.66 billion) in assets in 2021, an increase from its 2020 and 2019 records. This is the eighth consecutive year the province declared assets to remain the wealthiest province.
Rizal landed second, with assets reaching ₱30.6 billion (US$519 million) in 2021, while Batangas is pushed to third place with ₱29.7 billion (US$504 million).
COA 215-page report covered the financial statement of 1,676 local government units — including 81 provinces, 146 cities, 1,488 municipalities, 22,680 barangays, and the Bangsamoro Government — in the Philippines.
The agency added that there was 97.7% compliance by the 1,715 LGUs in submitting their financial statements for audit.
