section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Quezon City is a hub for business and commerce, as a center for banking and finance, retailing, transportation, tourism, real estate, entertainment, new media, traditional media, telecommunications, advertising, legal services, accountancy, healthcare, insurance, theater, fashion, and the arts in the Philippines. The National Competitiveness Council of the Philippines which annually publishes the Cities and Municipalities Competitiveness Index (CMCI), ranks the cities, municipalities and provinces of the country according to their economic dynamism, government efficiency and infrastructure. Quezon City was the Most Competitive City in the country from 2015 to 2019 assuring that the city is consistently one of the best place to live in and do business. It earned the Hall of Fame Award in 2020 for its consecutive top performance. There are about 86,000 registered business in the city. As of 2019, Quezon City is the second richest city in the Philippines after Makati. The city's total asset stood at ₱ 96.4 billion, while it has the biggest liability at ₱21.624 billion. Since 2020, Quezon City is the richest city in the Philippines. The city's total assets amounted to ₱448.51 billion by the end of 2023.