2023 COA report: Cebu, Mandaue among richest cities in PH

Local

THE cities of Mandaue and Cebu continue to showcase their economic strength, ranking among the wealthiest localities in the Philippines, according to the Commission on Audit's (COA) 2023 financial report.

Mandaue’s solid performance places it firmly among the nation’s top financial hubs, while Cebu City, despite a slight drop in net assets, remains a key economic player in the region.

Mandaue secured its position as a top financial hub outside Metro Manila, ranking 7th nationwide in total assets with P35.4 billion. The city also placed 5th in net assets, which stand at P32.7 billion after accounting for liabilities.

Meanwhile, Cebu City, another key economic player in Central Visayas, ranked 10th in total assets at P31 billion. However, Cebu saw a decrease in net assets, falling to 13th place after previously ranking in the Top 10.

The financial strength of both cities supports the region's infrastructure and development projects, positioning them as enduring drivers of growth. While Mandaue City’s financial standing continues to rise, Cebu City maintains its significance on the national stage despite the recent dip in net assets.

Leading the rankings was Quezon City, with P449 billion in total assets and P413 billion in equity, followed by Makati City with P243.4 billion in assets and P226 billion in equity. Manila City ranked 3rd with P86 billion in assets and P50.3 billion in equity.

Pasig, Taguig, and Parañaque also secured top 10 positions in total assets, with figures ranging from P35.5 billion to P53.7 billion, while Mandaluyong, Butuan, and Parañaque emerged as key players in net assets.

Regal Oliva, former City Treasurer of Mandaue, pointed to these figures as a reminder of the importance of business tax compliance.

Oliva, who served the city from 2008 until her appointment as Treasurer in 2013, is now pursuing a political career. In October 2024, she filed her candidacy for Congresswoman of Mandaue City's Lone District under Team Mandaue.(MyTVCebu)