So what are the richest cities in the Philippines?
According to the latest 2014 Annual Financial Report of the Commission on Audit (COA), six cities in the NCR had the highest equity in 2014. One city in south Luzon, one city in Visayas and two cities in Mindanao also made it to the top 10.
Equity is the difference between the amount of assets and liabilities of LGUs. It is a financial resource that may be saved, or used for local projects such as infrastructures, investments and operating expenses.
Here is the top 10 list in ascending order:
10. Cagayan De Oro City (Mindanao)
P4.670 billion equity
Cagayan de Oro is a first class highly urbanized city and the capital of the province of Misamis Oriental. It is a chartered city where governance is independent and separate from the province of Misamis Oriental. It also serves as the regional center and business hub of Northern Mindanao (Region X), and part of the growing Metropolitan Cagayan de Oro area.
According to the 2015 census, the city has a population of 675,950, making it the 10th most populous city in the Philippines.
Cagayan de Oro is also famous for its whitewater rafting or kayaking adventures, one of the tourism activities being promoted along the Cagayan de Oro River. (Source)
9. Calamba City (South Luzon)
P4.690 billion equity
Calamba City, is a component city of Laguna, Philippines. It is the regional center of the Calabarzon region. It is situated 54 kilometres (34 mi) south of Manila, the city is known as the Resort Capital of the Philippines because of its numerous hot spring resorts.
According to the 2015 census, the city has a population of 454,486 people, making it the most populous local government unit in Laguna. It is the 5th densest city in the province with more than 2,600 people per square kilometer after San Pedro, Biñan, Cabuyao and Santa Rosa.
The City of Calamba is the hometown of the Philippine national hero, Jose Rizal. (Source)