Davao City has once again secured its position as one of the wealthiest cities in the Philippines, based on the latest financial data from the Commission on Audit (COA) for 2023. The City Budget Office (CBO) announced that Davao ranks ninth in the country for assets and equity. The city’s assets have risen to PHP32.9 billion in 2023, up from PHP29.7 billion in 2022 and PHP26.6 billion in 2021. Similarly, its net assets and equity have increased to PHP24.9 billion in 2023, from PHP21.2 billion in 2022 and PHP17.7 billion in 2021. The CBO highlighted that Davao City continues to be debt-free, underscoring its financial health and ability to support major initiatives. The city has committed to fully funding essential projects in areas such as social welfare, healthcare, disaster management, education, and agriculture. Additionally, Davao City has been commended by the Department of Finance–Bureau of Local Government Finance (DOF-BLGF) for its outstanding local revenue collection. For the fiscal years 2022 and 2023, it was recognized as one of the top-performing cities in terms of local source revenues (LSR), leading all cities outside Metro Manila with PHP6.67 billion in LSR for 2023. Within Region 11, Davao City topped the charts in the ratio of LSR to total current operating income and total LSR for 2023. The city government attributes these successes to the diligent tax compliance of its business community and residents.
