The province of Cebu under Gov. Gwendolyn Garcia topped the list of provinces in the country with the highest net assets reaching P208.27 billion while Bulacan headed by Gov. Daniel Fernando registered the highest revenue in 2020 at P5.81 billion.
In terms of liabilities, Negros Occidental recorded P7.11 billion, followed by Palawan, P5.93 billion and Camarines Sur, P4.91 billion, disclosed the 2020 Annual Financial Report for Local Government Units that was released Wednesday, Dec. 22 by the Commission on Audit.
Among the 81 provinces, Cebu ranked fourth among the top ten provinces with the highest liability at P4.73 billion although its gross assets for the year is P213 billion.
While Bulacan topped provinces with the highest revenues in 2020, it also was the biggest spender at over P4.18 billion.
Other highest spenders included Pangasinan, P3.72 billion; Batangas, P3.70 billion; Negros Occidental, P3.43 billion and Bukidnon, P3.20 billion.
“The combined assets, liabilities and net assets/equity for CY 2020 increased to P3.182 trillion, P662.,03 trillion and P2.520 trillion, respectively,” COA reported, citing the financial statements submitted by provincial, city and municipal governments in the country.
According to state auditors revenues for 2020 totaled P805.26 billion, registering an increase of 9.19 percent or P67.79 billion compared to the 2019 revenue of P737.billion.
On the other hand, total expenditures during the COVID year of 2020 was 21.12 percent higher or increased by P113.17 billion. Expenditures of local government units in 2020 totaled P675.66 billion compared to P562.50 billion in 2019.
Ten Provinces with the Biggest Amount of Net Assets in 2020
1. Cebu P 208.27 billion
2. Batangas P 21.85 billion
3. Rizal P 20.97 billion
4. Davao de Oro P 18.75 billion
5. Bukidnon P 16.73 billion
6. Surigao del Norte P 13.19 billion
7. Isabela P 12.52 billion
8. Cavite P 12.42 billion
9. Leyte P 12.00 billion
10. Iloilo P 11.20 billion
Ten Provinces with Highest Amount of Total Revenue in 2020
1. Bulacan P 5.81 billion
2. Rizal P 4.98 billion
3. Cavite P 4.85 billion 4. Pangasinan P 4.69 billion
5. Negros Occidental P 4.64 billion 6. Cebu P 4.53 billion
7. Batangas P 4.49 billion
8. Iloilo P 4.43 billion
9. Laguna P 4.31 billion
10. Quezon P 4.15 billion
Ten Provinces with Highest Total Expenses in 2020
1. Bulacan P 4.18 billion
2. Pangasinan P 3.72 billion
3. Batangas P 3.70 billion
4. Negros Occidental P 3.43 billion
5. Bukidnon P 3.20 billion
6. Laguna P 3.18 billion
7. Cavite P 2.91 billion
8. Quezon P 2.79 billion
9. Davao de Oro P 2.76 billion
10. Nueva Ecija P 2.68 billion