MANILA - Makati's assets soared to P196.57 billion in 2017, making it the country's richest city, a distinction held for years by Quezon City, according to a Commission on Audit (COA) report.

COA's 2017 Annual Financial Report on Local Government saw Makati's assets increasing by over 350 percent from just P54.85 billion in 2016.

Makati changed its accounting techniques to include public infrastructure in the computation of its assets, based on its financial statement.

Quezon City, meanwhile, tallied P68.33 billion in total assets, a little over a third of Makati's assets.

Manila was the third richest city with P38.68 billion in total assets, followed by Cebu City with P33.86 billion and Pasig with P33.70 billion.

Completing the list of last year's 10 richest cities are Taguig with P19.64 billion; Caloocan with P17.01 billion; Pasay with P16.66 billion; Davao with P13.18 billion; and, Calamba with P12.414 billion.

The combined assets of all Local Government Units (LGUs) in the country was P1.746 trillion, including cash, cash equivalents, property, plant and equipment, the COA said.

Of this figure, 49.63 percent belonged to cities, 25.52 percent belonged to municipalities, and 24.85 percent belonged to provinces.

According to COA, the 10 richest provinces meanwhile are:

• Cebu, P34.14 billion in total assets
• Compostela Valley, P18.95 billion
• Batangas, P15.67 billion
• Rizal, P14.02 billion
• Negros Occidental, P12.89 billion
• Zambales, P10.46 billion
• Bulacan, P10.45 billion
• Palawan, P10.16 billion
• Iloilo, P10.05 billion
• Pampanga, P9.53 billion.

The 10 richest municipalities, meanwhile, are the following.

• Cainta, Rizal
• Sual, Pangasinan
• Limay, Bataan
• Sto. Tomas, Batangas
• Binangonan, Rizal
• Mariveles, Bataan
• Tanay, Rizal
• Carmona, Cavite
• Narvacan, Ilocos Sur
• Silang, Cavite.