The Cebu Provincial Capitol
CEBU CITY, Philippines — With over P35 million worth of total assets, Cebu is named the richest province in the country for 2018.
The ranking was based on the 2018 financial report of the Commission on Audit (COA) covering all 81 provinces in the Philippines.
According to the report posted in COA’s website, Cebu has total assets of of P35.7 billion. Of the amount, P7.4 billion is in cash while the rest is the value of its real properties.
This is the fifth consecutive year that Cebu earned the top spot.
Cebu is far above Compostela Valley, the second richest province. which logged a total asset of P19 billion.
Cebu saw a slight increase in its total asset compared to 2017 when it posted P34.14 billion. /bmjo