21 Nov Cagayan de Oro is in 10th Place as One of the Philippine Cities with the Highest Equity in 2014
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Cagayan de Oro marks another milestone of sorts as it placed 10th overall in the Top 10 Cities in the whole Philippines with the highest equity based on the Commission on Audit (COA) 2014 Annual Financial Report. Region 10 – Northern Mindanao – for its part ranked 5th overall among all regions in the Philippines.
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As explained by accountants, an equity is the difference between the amount of assets and liabilities declared, and after careful audit, by the COA, by Local Government Units (LGUs) in cities and provinces. This equity becomes a financial resource that can be saved or used for local projects, operating expenses, investments, and infrastructures. It can even be dipped into for extreme emergencies such as extreme natural disasters.
In analyzing the 2014 Annual Financial Report of COA, it is no surprise that the richest regions, provinces, and cities are from LGU’s in Luzon while the poorest are from Mindanao, given the penchant of Manila based politicians to siphon off funds from Mindanao.
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Not surprisingly, NCR or the National Capital Region tops the list as the richest while the Autonomous Region in Muslim Mindanao (ARMM) remains the poorest and occupies the cellar ranking. Region 7 (Central Visayas) comes in at second.
NCR: P137.649 billion
Region 7: P61.731 billion
Region 4A: P60.509 billion
Region 6: P31.026 billion
Region 3: P30.278 billion
Region 10: P22.274 billion
Region 9: P19.369 billion
Region 1: P17.466 billion
Region 8: P16.482 billion
Region 5: P16.182 billion
Region 2: P14.249 billion
Region 13: P12.876 billion
Region 12: P12.769 billion
Region 11: P12.15 billion
Region 4B: P9.479 billion
CAR: P6.455 billion
ARMM: P4.434 billion
In the top 10 cities, not surprisingly again, the top 6 rankings are occupied by NCR based cities: Makati City, Quezon City, Pasig City, Manila City, Caloocan City, and Marikina City. Calamba comes in at 7th, while only Cebu City makes the top 10 from the Visayas. Zamboanga City is a surprise at 9th with Cagayan de Oro City rounding out the top 10 at rank 10.
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Highest equity:
- Makati City: P34.461 billion
- Quezon City: P31.917 billion
- Pasig City: P20.036 billion
- Manila City: P13.131 billion
- Zamboanga City: P10.464 billion
- Cebu City: P7.855 billion
- Caloocan City: P6.894 billion
- Marikina City: P4.887 billion
- Calamba City: P4.690 billion
- Cagayan de Oro City: P4.670 billion
Lowest equity:
- Balanga City: P384 million
- Calapan City: P374 million
- Mabalacat City: P366 million
- Catbalogan City: P354 million
- Silay City: P351 million
- Iligan City: P322 million
- El Salvador City: P309 million
- Iriga City: P301 million
- Lamitan City: P190 million
- Malolos City: P180 million
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In the COA report, it will be noted that Iligan City and El Salvador City are in the top 10 with the poorest equity while Camiguin Province (P426.851 million equity) is ranked 5th with the least financial capability.
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Naturally, Manila, Cebu, and Luzon attract the most investors because of the stability of its infrastructures, transportation and communication system, information technology, and high number of employable population. The poorest provinces and cities receive very little or no investors at all due its high poverty incidence, and therefore very low employable population.
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