Davao City has retained its title as one of the wealthiest cities in terms of assets and equity for 2023, according to the latest financial report from the Commission on Audit (COA) on Local Government Units.
COA’s financial report states that Davao City placed 9th in terms of assets and equity. Davao’s assets rose from P32.9 Billion in 2023, compared to P29.7 Billion in 2022, and P26.6 Billion in 2021. The same thing with its net assets or equity that rose from P24.9 Billion compared to P21.2 Billion in 2022, and 17.7 Billion in 2021.
Quezon City ranked first with P448.5 Billion in assets and P412.8 Billion in net assets. With P243.444 Billion in assets and P226 Billion in net assets, Makati came in second.
To date, Davao City has also remained debt-free. This is a testament of the city’s financial stability and capability to fund big ticket projects.
The Davao City Budget Office also assured that the city’s priority projects, including that of social welfare, healthcare, disaster risk reduction and mitigation, education, and agriculture among others, are provided with sufficient budget.
The City Government of Davao continues to strive for sustainable development and growth of the city and its people. CIO
