Money

Quezon City Has Overtaken Makati as the Country's Richest City

The country’s most populous city is once again its richest. 
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After three years of being second to Makati as the Philippines’ richest city, Quezon City has once again reclaimed the title of the country’s wealthiest city in terms of assets, according to the annual report by the Commission on Audit (COA). 

An Increase of 369 Percent

The state auditor assessed the value of Quezon City’s assets to be worth P452.33 billion in 2020—a 369-percent increase from 2019 when the city's assets were valued at P96.23 billion. The COA attributed the increase to a more accurate recording of the city's properties and assets.

Quezon Memorial Circle Monument 

Photo by Shutterstock.

The significant increase catapulted Quezon City to the top of the list, overtaking Makati, which recorded total assets of P238.464 billion—also an increase from 2019’s P233.781, according to the state auditor.

Quezon City was the Philippines’ richest city from 2011 to 2016, a title that had belonged to Makati in the earlier years. Makati reclaimed that title from 2017 to 2019. 

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Aerial View of Quezon City

Photo by Shutterstock.

Top 10 Richest Cities in the Philippines

An earlier report from the Department of Finance also placed Quezon City as the country’s richest city in terms of locally sourced revenue, which stood at P21.57 billion, still higher than Makati’s P14.99 billion. 

The report from the Commission on Audit was based on the total assets of the cities, not their locally sourced revenues. 

Below are the 10 richest cities in the Philippines based on their total assets:

1|  Quezon City - P452.333 billion

2|  Makati - P238.464 billion

3|  Manila - P76.548 billion

4|  Pasig - P49.510 billion

5|  Cebu City - P34.754 billion

6|  Mandaue - P32.570 billion

7|  Tagiug - P30.682 billion

8|  Davao City - P23.664 billion

9|  Caloocan - P22.203 billion

10|  Zamboanga City - P19.775 billion

Below are the 10 richest cities in the Philippines based on their locally sourced revenues. 

1|  Quezon City - P21.57 billion

2|  Makati - P14.99 billion

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3|  Manila - P11 billion

4|  Taguig - P10.25 billion

5|  Pasig -  P9.49 billion

6|  Parañaque - P6.32 billion

7|  Pasay - P5.48 billion

8|  Davao City - P5.35

9|  Mandaluyong - P4.68 billion

10|  Muntinluipa - P4.26 billion

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Mario Alvaro Limos
Features Editor, Esquire Philippines
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