The Commission on Audit's (COA) 2023 Annual Financial Report on Local Government Units (LGUs) has once again shed light on the financial prowess of cities, provinces, and municipalities across the Philippines. The report, a comprehensive assessment of the assets held by local government units, confirms a consistent leader in the urban category and highlights significant shifts in wealth rankings nationwide.

For the fourth consecutive year, Quezon City solidified its position as the wealthiest city in the Philippines, ending 2023 with a staggering P448.51 billion in total assets. This marks an increase of over P5 billion from its 2022 assets of P443.406 billion, demonstrating continued financial growth for the nation's most populous city. Quezon City's assets dwarf those of its closest contender by hundreds of billions of pesos, showcasing its dominant fiscal standing.

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Following Quezon City, Makati City maintained its rank as the second wealthiest city, with its assets growing to P243.44 billion in 2023 from P239.478 billion in the previous year. The capital, Manila (P85.92 billion), Pasig City (P53.72 billion), and Taguig City (P51.594 billion) also retained their third, fourth, and fifth spots, respectively, underscoring the sustained economic strength of Metro Manila's major hubs.

A notable surge was observed in Parañaque City, which impressively leapfrogged four ranks from 10th to 6th place. Parañaque's total assets reached P35.512 billion in 2023, an increase of over P8 billion from its 2022 figure of P27.376 billion.

Breaking into the top 10 from outside the National Capital Region was Mandaue City in Cebu, securing 7th place with P35.367 billion, and surpassing Mandaluyong City, which now ranks 8th with P33.92 billion. Davao City held steady at 9th place with P32.884 billion.

Top 20 Wealthiest Cities in 2023

Quezon City (P448.51 billion)
Makati City (P243.444 billion)
Manila (P85.92 billion)
Pasig City (P53.72 billion)
Taguig City (P51.594 billion)
Parañaque City (P35.512 billion)
Mandaue City (P35.367 billion)
Mandaluyong City (P33.92 billion)
Davao City (P32.884 billion)
Cebu City (P30.93 billion)
Caloocan City (P30.752 billion)
Butuan City (P28.695 billion)
Zamboanga City (P26.059 billion)
Laoag City (P21.049 billion)
Antipolo City (P20.794 billion)
Muntinlupa City (P19.995 billion)
Pasay City (P19.76 billion)
Sta. Rosa City, Laguna (P19.71 billion)
Calamba City (P19.034 billion)
Puerto Princesa City (P18.089 billion)

New entrants to the top 20 cities include Butuan City, Muntinlupa City, and Sta. Rosa City (Laguna), displacing Baguio City, Cagayan de Oro City, and Valenzuela City from the list.

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Wealthiest Municipalities: A New Leader Emerges

The 2023 report also saw a shuffle in the wealthiest municipalities list. Carmona, Cavite, the former top-placer, transitioned into a city in July 2023, thus exiting the municipal rankings.

Taking the lead is Caluya, Antique, with total assets of P6.269 billion, surpassing Limay, Bataan, and Silang, Cavite. A significant leap was made by Mariveles, Bataan, which surged from outside the top ranks to claim the fourth spot with P4.083 billion. Newcomers to the top 20 municipalities include Masinloc, Zambales, and Mauban, Quezon.

Top 20 Wealthiest Municipalities in 2023

Caluya, Antique (P6.269 billion)
Limay, Bataan (P6.171 billion)
Silang, Cavite (P4.483 billion)
Mariveles, Bataan (P4.083 billion)
Taytay, Rizal (P3.923 billion)
Binangonan, Rizal (P3.888 billion)
Cainta, Rizal (P3.845 billion)
Claver, Surigao del Norte (P3.519 billion)
Nasugbu, Batangas (P3.512 billion)
Sta. Cruz, Ilocos Sur (P3.486 billion)
Sinait, Ilocos Sur (P3.355 billion)
Magsingal, Ilocos Sur (P3.163 billion)
Cabugao, Ilocos Sur (P3.095 billion)
Rodriguez, Rizal (P3.061 billion)
Sual, Pangasinan (P2.995 billion)
Sta. Maria, Ilocos Sur (P2.985 billion)
Pilar, Abra (P2.962 billion)
Tanay, Rizal (P2.781 billion)
Masinloc, Zambales (P2.762 billion)
Mauban, Quezon (P2.741 billion)

Wealthiest Provinces: Cebu Continues to Dominate

Among the country's provinces, the urban powerhouse Cebu secured the top spot as the wealthiest province, boasting an impressive P309.897 billion in total assets. This marks a substantial increase of P74.16 billion from its P235.738 billion in 2022, solidifying its decade-long reign as the richest province.

Following Cebu, Rizal Province ranked second with P39.71 billion, reflecting a P4 billion increase from the previous year. The most improved province on the list was Camarines Sur, which dramatically advanced from 15th place in 2022 to third in 2023, with assets soaring to P33.415 billion – more than double its P16.192 billion in the prior year.

Top 20 Wealthiest Provinces in 2023

Cebu (P309.897 billion)
Rizal (P39.71 billion)
Camarines Sur (P33.415 billion)
Batangas (P32.522 billion)
Davao de Oro (P23.379 billion)
Cavite (P22.989 billion)
Ilocos Sur (P21.951 billion)
Bukidnon (P21.643 billion)
Negros Occidental (P21.068 billion)
Pampanga (P20.778 billion)
Iloilo (P20.75 billion)
Isabela (P18.67 billion)
Leyte (P18.667 billion)
Pangasinan (P18.36 billion)
Palawan (P17.956 billion)
Tarlac (P17.047 billion)
Zamboanga del Sur (P16.653 billion)
Surigao del Norte (P16.431 billion)
Negros Oriental (P15.307 billion)
North Cotabato (P14.843 billion)

Tarlac and North Cotabato are new additions to the top 20 provinces, replacing Bulacan and Nueva Ecija from the 2022 rankings. The COA's 2023 report provides crucial insights into the financial health and economic dynamism of local government units across the Philippines, highlighting areas of growth and the evolving landscape of the nation's wealthiest regions.