Davao City has solidified its position as one of the wealthiest cities in the Philippines in terms of assets and equity for 2023, according to the latest financial report from the Commission on Audit (COA) on Local Government Units (LGUs).
The COA report reveals that Davao City ranked 9th nationwide in terms of assets and equity. The city’s total assets climbed to an impressive P32.9 billion in 2023, reflecting consistent growth compared to P29.7 billion in 2022 and P26.6 billion in 2021. Similarly, the city’s net assets or equity have also experienced a steady rise, reaching P24.9 billion in 2023, up from P21.2 billion in 2022 and P17.7 billion in 2021.
One of the key highlights of Davao City’s financial standing is its debt-free status, which underscores its financial stability and capability to implement large-scale projects without reliance on borrowing. This financial prudence is seen as a hallmark of the city’s governance and fiscal management.
The Davao City Budget Office has reassured the public that the city’s priority programs and projects remain well-funded. These include initiatives in social welfare, healthcare, disaster risk reduction and mitigation, education, and agriculture, among others. The city’s commitment to these sectors ensures that development efforts are inclusive and sustainable.
Mayor Sebastian Duterte, speaking about the city’s achievements, attributed the success to the collective effort of the local government, businesses, and residents. “Our consistent financial performance is a reflection of our commitment to the growth and welfare of our people,” he said.
Davao City’s fiscal achievements serve as a strong foundation for its vision of sustainable development. With robust financial health, the city is poised to continue its upward trajectory, driving progress for its residents and setting an example for other LGUs across the nation.
As the city’s motto resonates, Padayon ta, Dabawenyos! (Let us move forward, Davaoeños!)