Davao City, Philippines — Davao City ranked eighth nationwide among the wealthiest cities in the Philippines based on total assets, according to the 2024 Annual Financial Report (AFR) released by the Commission on Audit (COA).
The report, which covers the audited financial statements of local government units for fiscal year 2023, places Quezon City, Makati City, and Manila City as the top three wealthiest cities in the country.
Top 10 Wealthiest Cities by Total Assets (COA 2024 AFR)
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Quezon City – approximately ₱490 billion
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Makati City – approximately ₱246 billion
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Manila City – approximately ₱93 billion
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Pasig City – approximately ₱54.8 billion
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Taguig City – approximately ₱54.2 billion
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Iloilo City – approximately ₱39.5 billion
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Parañaque City – approximately ₱38.2 billion
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Davao City – approximately ₱37.4 billion
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Mandaue City – approximately ₱35.8 billion
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Mandaluyong City – approximately ₱34.1 billion
Quezon City – approximately ₱490 billion
Makati City – approximately ₱246 billion
Manila City – approximately ₱93 billion
Pasig City – approximately ₱54.8 billion
Taguig City – approximately ₱54.2 billion
Iloilo City – approximately ₱39.5 billion
Parañaque City – approximately ₱38.2 billion
Davao City – approximately ₱37.4 billion
Mandaue City – approximately ₱35.8 billion
Mandaluyong City – approximately ₱34.1 billion
Despite falling outside the top three, Davao City remains the highest-ranked city in Mindanao and continues to be one of the country’s financially strongest local governments.
Assets vs Economic Output
COA’s ranking is based on total assets, which include cash, infrastructure, land, buildings, equipment, and other government-owned properties. This metric reflects a city government’s financial capacity and fiscal health, rather than overall economic activity.
In contrast, the Philippine Statistics Authority (PSA) measures economic strength through Gross Domestic Product (GDP), which tracks the total value of goods and services produced within a city.
Under PSA data, Quezon City, Makati City, and Manila City also lead in economic output, while Davao City consistently ranks as the largest economy outside Luzon, underscoring its role as Mindanao’s primary economic hub.
Regional Significance
While Metro Manila cities continue to dominate national rankings, COA data show that regional centers such as Iloilo City and Davao City are steadily increasing their asset base, signaling improved fiscal management and sustained investment in public infrastructure.
Davao City’s ranking reflects its continued growth in government-owned assets and its importance as a center for trade, education, and services in southern Philippines.
Outlook
The COA emphasized that asset-based rankings should be viewed alongside other indicators such as revenue generation, service delivery, and economic productivity to gain a more complete picture of local government performance.
The 2024 AFR provides policymakers, investors, and the public with a clearer understanding of how cities manage public resources amid ongoing economic recovery and development efforts.
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