By Perseus Echeminada
Saturday, November 1, 2008 [ philstar.com ]
The Commission on Audit had chosen Quezon City as the richest local government unit (LGU) based on the financial report for fiscal year 2007, which was published yesterday.
In terms of gross income, Quezon City led all cities and towns with P8.437 billion followed by Makati with P8.296 billion and Manila with P8.240 billion.
The COA report came as city treasurer Dr. Victor Endriga has announced that Quezon City had already surpassed the tax collection target for this year by almost half a billion pesos.
“We are expecting the tax collection will breach the P10 billion mark by the end of the year,” Endriga said.
As of yesterday the gross tax collection of the city government has already reached P 8.9 billion.
The COA report said Quezon City’s current assets amount to P8.086 billion, over 2 billion higher than Manila and Batangas and over 3 billion higher than Makati.
Makati, however, led the local government units in terms of net income with P3.471 while Quezon City was next with P3.379 billion.
Being the most populous city, Quezon City has the highest share of internal revenue allotment amounting to P1.869 billion followed by Davao City, Manila and Caloocan City .
In terms of total equity, Makati leads with P21.771 billion followed by Quezon City with P20.868 billion.
Cebu City led the list in total liabilities with P5.739 billion, followed by Manila (P3.708 billion), Caloocan (P2.922 billion) and Quezon City (P2.417 billion).
The COA report showed that Manila was the biggest spender with P6.984 billion. Quezon City followed with P5.057 billion, followed by Makati, Davao, and Pasig.
In terms of liabilities and deferred credits, Cebu City was on top with P5.739 billion, followed by Manila, Caloocan City, Quezon City, and Makati City.
Pasig has the biggest cash in the bank with P2.889 billion followed by Manila with P2.513 billion and Quezon City with P2.405 billion while Makati has P2.306 billion.
Makati City and Quezon City rank 1st and 2nd in terms of percentage of net income to total income.
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