Cebu City – The province of Cebu continues to roll in riches with P20 billion in assets, P1.6 billion in gross income and a financial book that is not tarnished by any debts, said Cebu Governor Gwendolyn Garcia during her State of the Province Address (SoPA) at the Capitol on Friday night.

“The state of the Province of Cebu is strong – stronger than we were last year, stronger than we have ever been and stronger than any other province can hope to be,” Garcia said during her 45-minute address.

Garcia disclosed that the province has a total asset amounting to P20 billion, or 16 percent higher than the previous year, and a cash position of P1.13188 billion, maintaining the province’s position as the number one province in terms of cash and equity.

The first lady governor of Cebu said she wants to maintain the position of Cebu as the undisputed richest province with its gross income of P1.676 billion as of December 31, 2008, making it the best performing in the whole country.

“And as I have started for five years now, not to boast or brag but simply to assure Cebuanos – in the province of Cebu, at least – that their future has not been mortgaged. We remain debt-free. Free of debt from any banking or financial institution and we will remain so for as long as we are here,” Garcia said.

The governor lauded the Provincial Board headed by Vice Governor Gregorio Sanchez for the passage of the 2008 Revenue Code, which contributed to the increase of the tax base and has resulted in the increase in local income for the first half of this year.

From January to June this year, the total tax revenue was more than P153 million or 27 percent more than what was collected for the same period last year.

“Maintaining a healthy fiscal position in a time of crisis, while an achievement in itself, is only half the battle won. The more important half is whether we have made this wealth of resources work for our people in these difficult times,” Garcia said.

Garcia said the provincial government will continue to double its efforts in providing more basic services to the Cebuanos.

This year, she said, the province will see the start of the operation of the first provincial hospital in Carcar and two more in Balamban and Danao City.

She also announced that the proposed Trans-axial Highway project, which is estimated to cost at least R45 billion, is on track since there interested parties that have expressed interest in entering into a joint venture with the province.

In terms of tourism, the governor also said that the province has 49 festivals in the 52 cities and municipalities and has seen an influx of tourists with the Suroy-Suroy Sugbo project.

A 55-volume definitive history of the province is set to be launched in January 2010, she added.

During her annual SoPA on Friday, Garcia cited key accomplishments since she first became governor five years ago, including the asphalting of 600 kilometers of provincial roads, construction of 125 kilometers of roads, electrification of 81 far-flung areas, construction of 440 classrooms, insurance coverage of about one million individuals, and the successful war against communist
insurgents that resulted to the surrender of 81 rebels.

Garcia said the provincial government will continue to work hard to deliver basic services to its constituents as she reiterated her decision not to run for a higher position in the 2010 elections.