ONLY three cities outside Metro Manila managed to secure spots in the list of the country’s 10 richest cities in 2024, highlighting the continued dominance of the National Capital Region in terms of local government wealth.
Based on the 2024 Annual Financial Report of the Commission on Audit (COA), Mandaue City ranked 9th nationwide with total assets valued at P35.8 billion. Joining Mandaue in the top 10 were Iloilo City and Davao City, the only other cities outside the National Capital Region (NCR) to make the list.
The remaining seven cities in the top 10 came from Metro Manila, led by Quezon City, which remained the wealthiest city in the country with assets of nearly P490 billion.
Makati City followed with P226.3 billion, while Manila placed third with P51.1 billion.
Other NCR cities that completed the top 10 were Taguig, Pasig, Parañaque, and Mandaluyong.
COA data also showed Mandaue City’s strong financial position, with liabilities amounting to only about P2.8 billion, giving it an equity of P34.9 billion—good for 6th place when cities were ranked by net worth.
Cebu City, meanwhile, failed to enter the top 10, ranking 12th with P31.4 billion in assets. Its higher liabilities of P13.1 billion resulted in a lower equity of P18.3 billion.
The COA Annual Financial Report assesses the financial condition and performance of government entities and local government units nationwide each year.
