Quezon City got back its richest city tag with a total asset of P452.333 billion in 2020, attributed to better and proper recording of its assets.
QC was the richest city for five straight years until 2016 before Makati dislodged it from the top spot starting in 2017.
QC’s assets increased by 369 percent or P355.91 billion from P96.423 billion assets in 2019, according to the Commission on Audit’s 2020 Annual Financial Report on Local Government.
The huge increase enabled QC to vault to the top of the list, overtaking Makati City that recorded a total asset of P238.464 billion, also an increase from 2019’s P233.781.
“The assets of QC were already there for the past years. They were just not properly recorded and recognized.”
“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,” Mayor Joy Belmonte stressed.
Belmonte said the city’s General Services Department made a strict inventory of donated lands with transfer certificate of titles, deeds of donations, and Sangguniang Panlungsod resolutions.
The properties were then evaluated based on the latest zonal valuation of the Bureau of Internal Revenue.
Included in the inventories and recorded by the city government were fixed assets such as infrastructures, buildings, and roads.
The lady mayor likewise recognized the hard work of the city government employees.
“We also thank our government workers who have made the ultimate sacrifice during this pandemic.”
“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 said.
Others in the top 10 wealthiest cities list were Manila with 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.
