DAVAO City remains to be the richest city in Mindanao for three consecutive years, based on the 2018 report of the Commission on Audit (COA).
According to COA's “2018 Annual Financial Report” submitted to Congress and the Office of the President last September 19, Davao City's total assets reached P16.259 billion, from P13.181 billion in 2017, and P9.898 billion in 2016.
It was in 2016, when former city mayor Rodrigo Duterte was elected president and his daughter Sara Duterte-Carpio was re-elected city mayor, that Davao City first landed as the richest city local government unit (LGU), based on total assets.
Meanwhile, the city also retained its ninth spot as richest city in the country, in three consecutive years.
Meanwhile, Davao City is behind eight other cities in the country, based on the 2018 report.
Makati kept its top spot as the richest city in the country with total assets reaching P230.833 billion followed by Quezon City (P87.285 billion), Manila City (P40.711 billion), Pasig City (P38.985 billion), Cebu (P33.884), Taguig City (P24.535 billion), Caloocan (P18.380 billion), Pasay City (P18.278 billion), Davao City and Calamba (P12.605 billion).
Compostela Valley has also retained its spot as the second richest provincial LGU for two consecutive years.
Compostela, in the 2018 report, reached a total asset of P19.615 billion, a million higher from P18.950 billion in 2017. It trails behind Cebu's total assets of P35.659 billion in 2018.
Davao City councilor Danilo Dayanghirang, committee chair on finance, ways and means, and appropriations, said the city's generated assets throughout the years were due to local government's effort in efficient tax collection.
"Indeed, Davao is one of the richest city brought about by the efficient collection of taxes and the influence if more business coming brought about by peace and order," Dayanghirang said in a text message.
The councilor, in a previous report, said that the city's efficient tax collection also resulted to the increase of the city's annual budget, which had reached a total of P10.3 billion for 2020. He said the budget will allocate local government projects.