Davao City richest in Mindanao – COA report

DAVAO City is the richest city in Mindanao for 2017, according to a report by the Commission on Audit (COA).

In COA's annual financial report, it showed that the city ranked ninth as the richest cities in the Philippines for 2017 in terms of total assets and is the only city from Mindanao.

“The Dabawenyos are proud that Davao City made it to the top 10 richest cities in the country,” Davao City Mayor Sara Duterte-Carpio, said on Tuesday, November 6.

“It says a lot about the promising future of cities outside Luzon, especially the ones from Mindanao,” she added.

The city has recorded a total asset of P13.18 billion.

Ranked first was the city of Makati with a total asset of P196.57 billion; followed by Quezon City with a total asset of P68.33 billion. Rounding up the top 10 are Manila City with a recorded asset of P38.68 billion; Cebu City has P33.86 billion; Pasig City has P33.7 billion; Taguig City has P19.6 billion; Caloocan City has P17 billion; Pasay City has P16.66 billion; and Calamba City has P12.41 billion.

“The City of Davao is also working on being debt-free in the next two years. Despite this recognition, we are trying our hardest to ensure that we identify and reach those who are poor and take them out of poverty,” Duterte-Carpio said, adding that it is the only time that the city could be truly happy.

Davao City Councilor Edgar Ibuyan Jr. said in a text message on Tuesday, November 6, that being at the ranking ninth only shows that the leadership Duterte-Carpio in the city is in the right track.

“And in two years’ time the city will be released from debt or loan. So, by then more projects will put up and be converted to assets also,” he said.

The city first made it to the top ten richest cities in 2016 with a total asset of P9.9 billion.

Compostela Valley, meanwhile, landed second next to Cebu as the country’s richest province, accumulating a total of P18.95 billion worth of assets.


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