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Manila Bulletin devider Philippines devider Cebu remains PH's wealthiest province based on COA's Annual Financial Report

Cebu remains PH's wealthiest province based on COA's Annual Financial Report

Published Oct 18, 2022 02:58 pm

CEBU CITY -- The province of Cebu remains the wealthiest province in the country based on the 2021 Annual Financial Report of the Commission on Audit (COA).

The COA report showed Cebu’s assets in 2021 reached P215.27 billion — the only province in the country to breach the P200-billion mark in terms of assets.

The province’s assets in 2021 increased by P2 billion from 2020.

The province’s total assets in 2020 stood at P213 billion.

The province’s equity also rose to P209.4 billion from P208 billion. Equity refers to the total amount of assets with the liabilities already deducted.

Reacting to the recent COA report, Cebu Governor Gwen Garcia said being the richest province should be felt by the Cebuanos.

“Well, we’re the richest but as I keep on saying, that kind of an honor is empty if the people will not feel that the provincial government is working for them, reaching especially to those that need help the most,” Garcia said when interviewed by reporters at the sidelines of the Department of Tourism’s Industry Convergence at SMX Convention Center in Pasay City on Monday night, Oct. 17.

Also making it to the top 10 richest provinces based on the COA report were Rizal (P28.7 billion), Batangas (P26.3 billion), Davao de Oro (P19.7 billion), Bukidnon (P16.8 billion), Ilocos Sur (P15 billion), Cavite (P14.3 billion), Leyte (P13.2 billion), Isabela (P12.7 billion), and Iloilo (P15.8 billion).

The cities of Cebu and Mandaue, also made it to COA’s top 10 richest cities in terms of assets.

Cebu City placed sixth with assets of P33.3 billion. Mandaue ranked seventh, with assets of up to P33 billion.

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