Cebu Province is now debt-free proclaims Gwen
CEBU CITY, Philippines – With no existing loans or financial obligations from any institution, and with surging assets and increasing income, you can’t really blame Cebu Governor Gwendolyn Garcia to feel extra proud these days.
Garcia announced these achievements and more during the commemoration of the 452nd Founding Anniversary of the province at the Capitol Social Hall today, August 6, 2021.
She reported that the total assets of Cebu Province have progressed through the years, stressing that for the first half of 2021 alone, its assets reached P211.3 billion, ranking number one in the entire country.
“More importantly, the province of Cebu now stands debt-free. Free from any loan or financial obligation from any financial institution,” said Garcia.
The province also has a net income of P1.5 billion, higher than 2019’s P1.3 billion.
Garcia said they expect the net income to double by the end of the year.
About the province’s cash position, the governor said it stands at P7.2 billion in the first half of this year as compared to last year’s P5.4 billion.
She, however, emphasized that these are just figures and that the honor of being called the number one province in the country would be an empty honor if it is not translated to services.
“Usa ka taphaw nga dungog og kini dili matagamtam sa mga Sugbuanon, dili makaabot nila nga labaw nga nagkinahanglan. And so that is why we have taken all the challenges of translating these figures into actual services for the Cebuanos,” she added.
Garcia was referring to the programs and projects initiated by the Cebu Provincial Government such as infrastructures, health and social services, Sugbusog, Sugbo Negosyo, and tourism. /rcg
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