Fact check: Why Pasig City 'net worth' leap in viral post is misleading
by Geraldine Santos · philstarMANILA, Philippines — A viral Facebook post comparing the net worth of Pasig City in 2019 to the present in relation to Mayor Vico Sotto’s term needs context, as the figures do not match the financial data of the Commission on Audit (COA).
The post, published by content creator Gabe Pineda, claimed that the city’s net worth in 2019 — when Sotto first became mayor — was around P19 billion, while it is now at P50 billion, attributing the supposed spike to “investor trust” in non-corrupt politicians.
The post's caption read:
When Vico Sotto started as mayor last 2019 in Pasig, the city’s net worth was about 19 BILLION PESOS. Now, it’s at 50+ BILLION PESOS. Mas may investor trust talaga kapag hindi kurakot ang isang lugar.
Rating: This is misleading.
Facts
The “net worth” figures in the viral post do not correspond to publicly available data.
COA annual audit reports do not use “net worth” as a category in the Statement of Financial Position. Only total assets, total liabilities and net assets/equity are available.
Based on COA documents, Pasig City's total assets — used in news reports to determine the wealthiest local government units — in 2019 were P45.3 billion.
It is also important to note that the 2019 statement reflects Pasig City’s financial position as of Dec. 31, 2019. This means it is not a clean “starting point” for Sotto’s administration, but a year-end snapshot that already covers part of his first year in office.
No COA category corresponds to the claimed P19 billion figure. The only remotely similar figure is current assets (P20.3 billion), but this does not fully reflect the LGU’s financial position.
Pasig City statement of financial position
COA data | Selected years | Amounts in Philippine pesos
| Year/baseline | Total assets | Total liabilities | Net assets/equity |
|---|---|---|---|
| 2018, restated | P38.18 billion | P4.19 billion | P34.00 billion |
| 2019 | P45.34 billion | P4.57 billion | P40.77 billion |
| 2024 | P53.12 billion | P7.42 billion | P45.70 billion |
Source: Statement of Financial Position for Pasig City from the Commission on Audit annual audit reports for 2019 and 2024.
While COA does not use “net worth” as a category, it can be derived by subtracting total liabilities from total assets.
In government accounting, “net assets/equity” is not the same as total assets. Total assets refer to everything owned or controlled by the local government, while net assets/equity represents what remains after liabilities are deducted.
The computation for the “net worth” in 2019 leads to the figure of P40.8 billion, which still does not support the P19-billion claim.
Meanwhile, 2024 data — the latest available on COA's website — show that Pasig City’s total assets are P53.1 billion. The computed “net worth” is P45.7 billion.
As a result, the P19 billion figure for 2019 is not supported by any COA data, while the P50 billion figure for the present reflects COA-reported total assets for 2024, which are not equivalent to “net worth.”
Why we fact-checked this
Since posting, Pineda’s post has reached over 32,000 reactions — mostly likes and hearts — 800 comments and 1,800 shares.
Sotto being highlighted in the post stems from his being vocal on corruption issues. He has recently spoken about corruption in the country on June 8, after contractor Curlee Discaya was arrested on a warrant issued by a Malolos, Bulacan court over his alleged involvement in the flood control scandal.
The Pasig mayor was among 12 individuals who received the inaugural International Anti-Corruption Champions Award launched by then-US Secretary of State Antony Blinken in 2021. — with reports from Janelle Liong