CEBU, Philippines — The Province of Cebu remains the richest province in the country, based on the Commission on Audit (COA) report for 2021.
Cebu Province retained the top spot in the whole country with a total equity of P209.3 billion last year. This is a billion higher compared to its P208.27 net asset in 2020.
Cebu is the lone province in the country that has breached the P200 billion mark in terms of assets.
COA's Annual Financial Report for the Local Government Units (LGU) last year showed that Cebu Province retained its number 1 rank with a P215.3 billion assets.
On the other side, Cebu Province also ranked third in terms of liabilities.
Cebu Province has P5.88 billion in liabilities.
Net assets or equity is the remainder after deducting the total liabilities from the total assets.
Cebu Province's net assets skyrocketed because of the reappraisal of its provincial-owned lots.
Following Cebu in the ranking are Rizal with P28. 67 billion; Batangas with P26.29 billion; Davao de Oro with P19.69 billion; Bukidnon with P16.76 billion; Ilocos Sur at P14.98 billion; Cavite with P14.26 billion; Leyte at P13.16 billion; Isabela with P12.68 billion and Iloilo with P12. 57 billion.
When it comes to the cities, the cities of Cebu and Mandaue ranked 6th and 7th with P33.34 and P33.01 billion in assets, respectively.
However, in terms of the net asset, only Mandaue City remained at the top, claiming the fifth spot with P31.91 billion in equity.
Cebu City ranked 5th in terms of liabilities with P17.66 billion. — GAN (FREEMAN)