Asset is at P309.9 billion: Cebu still wealthiest

CEBU, Philippines — For the tenth time, Cebu Province has maintained its title as the wealthiest province in the entire country in terms of assets, based on the annual financial report of the Commission on Audit (COA) for the Local Government Units (LGUs) in 2023.

Cebu Province has assets valued at P309.9 billion, which is a huge increase from the P235.7 billion in 2022 and P215.27 billion in 2021.

The Province of Rizal came in second for the second consecutive year, with P39.8 billion in assets.

Province of Camarines Sur (P33.4 billion) is at third followed by Batangas (P32.5 billion); Davao de Oro (P23.4 billion); Cavite (P22.9 billion); Ilocos Sur P21.95 billion); Bukidnon (P21.6 billion); Negros Occidental (21 billion), and Pampanga (P20 billion).

The financial profile of Cebu Province, which is part of COA’s financial report, showed that the Province has P6.4 billion in liabilities, while its equity is at P303.4 billion. (Equity is the difference between assets and liabilities).

Governor Gwendolyn Garcia previously said that Cebu Province’s assets skyrocketed when they made a reappraisal of the province’s real estate properties.

The same COA report stated that in terms of financial performance, Cebu province has P6.7 billion in revenue and P3.5 billion in expenses last year.

As to the province’s component cities, the wealthiest is Toledo city with assets valued at P7.1 billion, followed by the City of Naga with P5.1 billion.

The third wealthiest component city of Cebu Province is Carcar City with P4.1 billion, followed by Danao City (P3.2 billion); Talisay City (P2.9 billion), and Bogo City (P2.3 billion).

For highly urbanized cities (HUCs), Mandaue has total assets of P35.3 billion, enough for it to place 7th wealthiest city in the country. Cebu City, on the other hand, is at 10th place, with its P30.9 billion assets.

As to the city of Lapu-Lapu, it has P9.9 billion in assets in 2023, according to COA.

In the whole country, Quezon city also maintained its position as the wealthiest city, with assets of P448.5 billion; followed by Makati City (P243.4 billion); Manila (P85.9 billion); Pasig City (P53.7 billion); Taguig (P51.5 billion); Parañaque (P35.5 billion); Mandaue (P35.3 billion); Mandaluyong (P33.9 billion); Davao city (P32.8 billion) and Cebu City (P20.7 billion). — (FREEMAN)