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MAKATI CITY – Makati City has taken the throne as the wealthiest city in the Philippines with total assets of P196.57 billion, local reports said.


Citing a report from the Commission on Audit’s 2017 Annual Financial Report on Local Government, Makati City registered more than a three-fold increase in its assets, from P49.494 billion in 2015 to P54.85 billion in 2016.


The country’s auditors implied Makati’s leap is due to the value of the Local Road Network of 19 barangays added to the local government unit’s assets for the previous year.


CoA said these include road rights of way, road pavements and drainage under sidewalks with a value of P127.2 billion.


Quezon City, which once topped the list in 2016, and Manila, placed second and third with P68.33 billion and P38.677 billion, respectively, in total assets.


Among the provinces, Cebu was the richest last year with assets amounting to P34.139 billion, while newcomer Compostela Valley and took the second and third spots with P18.95 billion and P15.568 billion worth of total assets.


Meanwhile, Cainta in Rizal province was the richest town in 2017 with total assets of P3.988 billion, followed by Sual town in Pangasinan with P2.528 billion and Limay town in Bataan with P2.42 billion in total assets

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