Davao City has upheld its reputation as one of the country’s wealthiest cities in terms of assets and equity, according to the 2023 financial report released by the Commission on Audit (COA) for Local Government Units.
The report places Davao City in 9th position nationwide, with assets reaching an impressive P32.9 billion in 2023. This reflects a significant increase from P29.7 billion in 2022 and P26.6 billion in 2021. Similarly, the city’s net assets or equity surged to P24.9 billion, up from P21.2 billion in 2022 and P17.7 billion in 2021.
What sets Davao City apart is its debt-free status, a remarkable achievement underscoring its financial stability and ability to fund large-scale projects without borrowing.
The Davao City Budget Office reaffirmed that the city government continues to prioritize key projects across critical sectors, including social welfare, healthcare, disaster risk reduction and mitigation, education, and agriculture. These initiatives ensure that resources are allocated to programs that directly benefit the people of Davao.
As the city moves forward, the local government remains committed to sustainable development, maintaining its financial health, and enhancing the quality of life for its residents.
