By Rjhay E. Laurea
MANILA — The Quezon City government believes that regaining the distinction as the richest local government unit (LGU) in the Philippines is a result of the current administration’s good governance efforts.
Quezon City’s current assets reached P452.333 billion in 2020 from P96.423 billion in 2019, based on Commission on Audit’s (COA) “2020 Annual Financial Report on Local Government”.
This means an increase of 369 percent or a whopping P355.91 billion.
The huge increase vaulted Quezon City to the top of the list, overtaking Makati City, which recorded total assets of P238.464 billion from P233.781 billion in 2019.
Proper recording of its assets is a major factor in the above-mentioned growth, as per QC Mayor Joy Belmonte.
“Donated lands with transfer certificate of titles, deed of donations and Sangguniang Panlungsod Resolutions were identified during a robust inventory conducted by the City’s General Services Department (CGSD) and valued based on the latest zonal valuation of the Bureau of Internal Revenue (BIR),” said Belmonte.
“Through the City’s good governance efforts, we were able to properly reflect assets owned by Quezon City. The assets of QC were already there for the past years. They were just not properly recorded and recognized,” the Mayor added.
Among those inventoried and recorded by the city government were fixed assets, like infrastructure, buildings, roads, and other properties.
Belmonte also lauded employees of the city government for their contribution to the effort, saying local government leaders cannot do it alone.
“We also thank our government workers who have made the ultimate sacrifice during this pandemic. If not for everyone’s help, we won’t be able to accomplish this milestone,” she stressed.
Aside from Quezon City and Makati, also included in the top 10 wealthiest cities were Manila (P76.548 billion), Pasig City (P49.511 billion), Cebu City (P34.754 billion), Mandaue City (P32.571 billion), Taguig City (P30.682 billion), Davao City (P23.664 billion), Caloocan City (P22.203 billion), and Zamboanga City (P19.775 billion). (ai/mtvn)