Cebu is richest province, Cebu City in 5th place
DAVIDE
CEBU province was once gain ranked first and Cebu City was ranked fifth in the Commission on Audit’s (COA) list of provinces and cities with the highest net worth for the year 2015.
These findings were contained in the COA’s 2015 Annual Financial Report for Local Government Units, which was transmitted to the President.
Among the provinces, Cebu had assets worth P30.33 billion and liabilities of P1.8 billion, giving it a net worth of P28.53 billion.
Efficient tax collection and increase in the valuation of assets are among the reasons stated by the provincial government as to why the province ranked first, said Gov. Hilario Davide III.
Source of pride
“Garbo nato nga gipahibawo nga ang Sugbu maoy usa sa pinakadako nga natigum. Tungod kana sa duha ka rason: first, efficient ang atong tax collection, and second, gitarong nato og identify ang mga angay unahon pag-atiman, sama sa mga infra projects, panglawas ug livelihood sa katawhan (It is with so much pride that we would like the public to know that Cebu is one of the province which has big savings. Two reasons: first, we have an efficient tax collection and, second, we identify and prioritize the projects that need to be done first, like infrastructures, health and livelihood of the people),” Davide said.
He likewise stressed the province was not just about savings but also spending its funds on vital projects and programs since, he added, provincial government is not in the business of banking that should be more concerned about increasing its assets.
Provincial Budget Officer Danilo Rodas, on the other hand, said the net worth of the province rose most likely because of the increase in the valuation of its assets, such as lands, which compromises a big portion of Capitol’s assets.
Among cities, Cebu ranked fifth with a net worth of P8.2 billion. The list was topped by Makati City, with a net worth of P37.52 billion.
Not bankrupt, after all
Cebu City’s inclusion in the top 10 list of richest cities in the country should prove that the city government is not bankrupt, said Councilor Joy Pesquera.
“I am happy that Cebu City has been declared as the fifth richest. With the P8 billion in its coffers, Cebu City deserved the recognition,” said Pesquera, who heads the Cebu City Council’s Committee on Budget and Finance.
She credited the achievement to former mayor Michael Rama who, she said, made Cebu City “very vibrant and competitive.”
It was during the time of Rama in 2015 when the city received more than P8 billion from the SM-Ayala Consortium and Filinvest Land Inc. after selling two parcels of land in the South Road Properties.
“So it debunks the claim of (Mayor) Tomas (Osmeña) that the city is bankrupt,” Pesquera said.
‘I don’t care’
But for Osmeña, the list did not concern him because he has his own way of determining the city’s wealth.
“I don’t know or care what they are talking about. I have my own analysis and strategy. I don’t play according to other people’s scorecard. In due time, the Cebuanos will judge me appropriately,” he said.
Osmeña is still bent on rescinding the SRP lots sale, saying that once it is done, he believed the city government can increase its net worth by as much as P100 billion.
“When we recover the lots anomalously sold to Ayala, SM and Filinvest, our net worth will reach P100 billion and it may double over 15 years. I will lay out our business plan within 12 months,” he said. /with INQUIRER.NET
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