Which city is the Philippines' richest?
The latest 2014 Annual Financial Report of the Commission on Audit (COA) identified the richest province and region, too.
(SPOT.ph) The latest 2014 Annual Financial Report of the Commission on Audit (COA) revealed the richest region, province, and city in the Philippines.
First, let’s find out what makes a place "rich." According to University of the Philippines (UP) Center for Public Integrity Executive Director Prof. Edna Co, the number and type of investments affect the equity of an area. Equity is the difference between the amount of assets and liabilities of local government units (LGUs). Co said infrastructure, transportation, communication systems, and the educational attainment of residents play a big part in attracting investors. She also cited that accessible and quality education is essential in economic progress. With those factors considered, here are Philippines’ richest places.
Richest region: National Capital Region (NCR)
The NCR has the biggest equity at P137.649 billion. This is a no-brainer as NCR covers all the major cities in Luzon, and in the country. All the major modes of transportation, including the Metro Rail Transit (MRT) and Light Rail Transit (LRT) lines, are situated in NCR, as well as the Ninoy Aquino International Airport (NAIA). The major universities, convention halls, shopping and business centers are all located in NCR. So, yeah, congratulations, Metro Manila.
Richest city: Makati City
Makati City has the highest equity in NCR at P34.461 billion. Despite, ahem, alleged overindulgent officials and informal settlers, Makati reigns as the richest city in the country. Ayala Center in Makati is the center of business and leisure, with offices, skyscrapers, hotels, and shopping malls. Its latest development in the south of Makati, Circuit Lane, is also a rising lifestyle hub.
Richest province: Cebu
Cebu has the highest financial capability among the provinces in the country, with P28.181 billion equity. Outside NCR, Metro Cebu is considered the largest and most progressive urban center in the country. Aside from its agricultural industry, Metro Cebu accommodates local and international firms in the Mactan Economic Processing Zone. It's also the host of one of the most-visited festivals in the country: Sinulog.
Photo from Govisitphilippines.com