The Philippines is a country with a diverse range of cities, each with their unique character and economic potential. One way to measure a city’s economic value is to examine its asset value, which refers to the total value of the assets owned by individuals, businesses, and institutions within that city.
In this article, we will explore the country’s richest cities by asset value, according to the 2021 annual report by the Commission on Audit (COA).
Here are the Top 10 Wealthiest Cities in the Philippines in terms of assets:
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1 Quezon City
Via travelelog.com
Total estimated assets: PHP 451 billion
Quezon City is the largest city in Metro Manila and is considered one of the country's economic hubs. It is home to several commercial centers, government offices, and industries, including information technology, real estate, and automotive. With its strategic location and diverse economy, Quezon City continues to attract investments and contribute significantly to the country's overall economic growth. -
2 Makati City
Via gtreview.com
Total estimated assets: PHP 238.6 billion
Makati City is the financial capital of the Philippines and one of the country's most developed cities. Its economy is predominantly service-based, with a concentration of multinational corporations, banks, and financial institutions. Makati City's robust economy has contributed significantly to the country's economic stability. -
3 Manila City
Via roadaffair.com
Total estimated assets: PHP 65.3 billion
Manila City is the capital of the Philippines and one of the country's most populous cities. Its economy is diverse, with a mix of manufacturing, retail, and service industries. The city is also home to the Port of Manila, which serves as a gateway for international trade, further bolstering its economy. -
4 Pasig City
Via vigattintourism.com
Total estimated assets: PHP 51.2 billion
Pasig City is a highly urbanized city in Metro Manila. Its economy is primarily driven by the business process outsourcing (BPO) industry, with numerous call centers and offices located in the city. Pasig City also has a growing retail sector, with several malls and commercial centers attracting shoppers from nearby cities and provinces. -
5 Taguig City
Via theculturetrip.com
Total estimated assets: PHP 51.2 billion
Taguig City is another highly urbanized city known for its booming business district, Bonifacio Global City (BGC). Its economy is heavily influenced by the BGC, which is home to numerous multinational companies, financial institutions, and high-end residential and commercial developments. Taguig City also has a growing tourism industry, with popular attractions such as the Venice Grand Canal Mall and the Mind Museum. -
6 Cebu City
Via cebubulletin.ph
Total estimated assets: PHP 36.1 billion
Cebu City is the economic center of Central Visayas. Its economy is diverse, with a mix of industries, including manufacturing, tourism, and services. The city is known for its thriving furniture and handicraft industries, as well as its bustling seaport, which serves as a gateway to the rest of the Visayas and Mindanao regions. Cebu City's strategic location, skilled workforce, and business-friendly policies make it an attractive destination for both local and foreign investors. -
7 Mandaue City
Via philippinesreport.com
Total estimated assets: PHP 33 billion
Mandaue City's economy is primarily driven by the manufacturing sector, with a concentration of small and medium-sized enterprises (SMEs) engaged in the production of furniture, garments, and electronics. The city is also home to several commercial and industrial parks, which have attracted a significant number of businesses and investors in recent years, further boosting its economy. -
8 Mandaluyong City
Via lamudi.com.ph
Total estimated assets: PHP 31.4 billion
Mandaluyong City's economy is predominantly service-based, with a concentration of BPO companies, call centers, and financial institutions. The city is also home to several shopping malls and commercial centers, which contribute significantly to its economy and provide employment opportunities to its residents. -
9 Davao City
Via davaocity.gov.ph
Total estimated assets: PHP 26.6 billion
Davao City is the largest city on the island of Mindanao and a major economic hub in the Southern Philippines. Its economy is diverse, with a mix of industries such as agriculture, manufacturing, tourism, and services. The city is known for its production of export-quality fruits, particularly bananas, and pomelos, and its bustling seaport, which serves as a gateway to the rest of the country and other countries in Southeast Asia. Davao City's business-friendly policies, skilled workforce, and strategic location make it an attractive destination for both local and foreign investors. -
10 Caloocan City
Via unTV
Total estimated assets: PHP 23.4 billion
Caloocan's economy is mainly driven by the manufacturing sector, with numerous factories and industrial zones located in the city. The city is also home to several commercial centers and shopping malls, which contribute to its economy and provide employment opportunities to its residents. Despite its industrial nature, Caloocan City also has a growing service sector, particularly in the fields of healthcare and education.Sources:
https://www.statista.com/statistics/1019020/wealthiest-cities-philippines-asset-value/https://www.coa.gov.ph/reports/annual-financial-reports/afr-local-government-units/#1993-5487-2021-1665379782
https://www.esquiremag.ph/money/richest-cities-philippines-2021-report-a00293-20211229