Cebu province is the richest province for the sixth year in the country with total assets in 2019 at P203.9 billion. | CDN Digital file photo
CEBU CITY, Philippines — Cebu province has once again topped the list of wealthiest provinces in the Philippines, according to the recent financial report from the state’s auditing body.
In its 2019 Annual Financial Report, the Commission on Audit (COA) reported that the Province of Cebu has total assets of P203.9 billion, making it the wealthiest in the country.
Read: Cebu Province is P188-billion rich
This is the sixth consecutive year for Cebu being named as the richest province in the country.
COA’s latest report also showed that the total assets of the province has grown by 471.9 percent. For the fiscal year of 2018, Cebu registered total assets amounting to P35.65 billion only.
Read: Cebu is again richest province in PH — COA
The second and third wealthiest provinces for 2019, according to COA, were Batangas with P20.79 billion and Rizal with P20.28 billion respectively.
Those who made it to the list included Davao de Oro (fourth: P20.10 billion), Bukidnon (fifth: P18.29 billion), Surigao del Norte (sixth: P16.68 billion), Negros Occidental (seventh: P15.90 billion), Leyte (eighth: P13.54 billion), Palawan (ninth: P13.04 billion), and Iloilo (tenth: P13.03 billion).
Cebu City, the province’s capital, sustained its spot as the fifth wealthiest city in the Philippines for 2019, based on the same report.
COA stated that the city with over 900,000 residents, based on the 2015 census, has assets amounting to a total of P34.71 billion in 2019. It came next to Pasig City that has assets worth P45.64 billion.
Makati City still reigned as the wealthiest city in the country after posting assets totaling to P233.8 billion. It was followed by Quezon City in second (P96.42 billion), and Manila City in third (P64.81 billion).
Cebu City’s assets increased by P1 billion in 2019. In 2018, it ranked fifth in the list after registering assets amounting to P34 billion.
Mandaue City also made it to the Top 10 richest cities in 2019, at sixth right next to Cebu City with assets amounting to P32.16 billion.
Others included Taguig City at seventh (P29.07 billion), Caloocan City at eighth (P20.60 billion), Pasay City at ninth (P19.80 billion), and Davao City at tenth (P19.78 billion.) / dbs