Davao City has officially secured a spot among the Top 10 Wealthiest Cities in the Philippines, climbing from eighth place to third overall, according to the 2024 Annual Financial Report of the Commission on Audit (COA). The city recorded a total asset value of ₱37.40 billion, underscoring its strong and steadily growing financial position.
The ranking is based on the total value of assets owned by local government units, using consolidated data from the Commission on Audit (COA) and the Philippine Statistics Authority (PSA). Most cities in the Top 10 are located in the National Capital Region (NCR), making Davao City’s inclusion particularly notable as a leading urban center outside Metro Manila and the top-ranked city in Mindanao.
Key Economic Data Highlights
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₱37.40 billion in total local government assets (COA, 2024)
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Ranked 3rd nationwide, up from 8th place in the previous report
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One of the very few non-NCR cities in the Top 10 wealthiest cities list
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Recognized as the economic hub of Mindanao, supporting trade, agribusiness, logistics, and tourism
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Serves as a major gateway for Southern Philippines to domestic and international markets
Significance to the Philippine Economy
Davao City’s rise reflects a broader trend toward regional economic diversification in the Philippines. Its strong fiscal standing enables sustained investments in infrastructure, public services, disaster resilience, and economic development, contributing to national growth beyond Metro Manila.
As a major center for agribusiness, manufacturing, services, and investment, Davao City strengthens supply chains that support both Mindanao and the national economy. Its expanding asset base also signals increased investor confidence and sound financial governance.
A Key Economic Pillar of Southern Philippines
As the acknowledged economic heart of Mindanao, Davao City drives regional growth by generating employment, attracting investments, and facilitating trade across southern regions. Its financial strength benefits not only city residents but also neighboring provinces through expanded economic activity and shared development.
Media-Ready Quotes
“Davao City’s rise to third place among the wealthiest cities in the Philippines signals a more balanced and inclusive pattern of national economic growth.”
“With ₱37.40 billion in assets, Davao City demonstrates that strong local governance and fiscal discipline can place regional cities on par with major NCR centers.”
“Davao City’s performance confirms its role as the economic anchor of Mindanao and a critical driver of growth in the Southern Philippines.”
“This milestone highlights the growing importance of regional hubs in sustaining long-term national development.”
A Model of Effective Local Governance
Davao City’s achievement highlights the impact of transparent financial management, strategic planning, and accountable leadership. As it continues to grow its asset base and economic influence, the city is expected to remain a key contributor to Philippine economic stability and a benchmark for regional development nationwide.
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