Thanks to the good governance efforts of the City Government, Quezon City regained the distinction as the country’s richest local government unit (LGU) with total assets of P452.333 billion in 2020.
From P96.423 billion in 2019, the latest Commission on Audit’s “2020 Annual Financial Report on Local Government” showed that Quezon City’s assets increased by 369 percent or a whopping P355.91 billion.
The huge increase vaulted Quezon City to the top of the list, overtaking Makati City, which recorded total assets of P238.464 billion from P233.781 billion in 2019.
Mayor Joy Belmonte attributed the growth in assets to the city government’s concerted effort to properly record its assets.
“Donated lands with transfer certificate of titles, deed of donations and Sangguniang Panlusod Resolutions were identified during a robust inventory conducted by the City’s General Services Department and valued based on the latest zonal valuation of the Bureau of Internal Revenue,” said Belmonte.
“Through the City’s good governance efforts, we were able to properly reflect assets owned by Quezon City. The assets of QC were already there for the past years. They were just not properly recorded and recognized,” the Mayor added.
Among those inventoried and recorded by the city government were fixed assets, like infrastructure, buildings, roads and other properties.
Belmonte also lauded employees of the city government for their contribution to the effort, saying local government leaders cannot do it alone.
“We also thank our government workers who have made the ultimate sacrifice during this pandemic. If not for everyone’s help, we won’t be able to accomplish this milestone,” she stressed.
Aside from Quezon City and Makati, also included in the top 10 wealthiest cities were Manila (P76.548 billion), Pasig City (P49.511 billion), Cebu City (P34.754 billion), Mandaue City (P32.571 billion), Taguig City (P30.682 billion), Davao City (P23.664 billion), Caloocan City (P22.203 billion), and Zamboanga City (P19.775 billion).