Cebu is richest province in PH for eighth straight time

By: Morexette Marie B. Erram - CDN Digital | October 17,2022 - 05:07 PM

CEBU CITY, Philippines—Cebu is still the wealthiest province in the Philippines, based on latest findings from the Commission on Audit (COA).

In its 2021 Annual Financial Report, COA ranked Cebu as the richest province in terms of equity and assets. 

This is the eighth consecutive time Cebu, the most populous province in Central Visayas and considered a center of economic and commercial activities in the region, became the country’s wealthiest province. 

The same report further showed that its assets totaled to approximately P215.2 billion while its equity is at P209.4 billion. 

Equity refers to the assets left after deducted with liabilities. 

Other provinces included in COA’s Top 10 Richest Provinces are 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). 

Assets, Net Equity 

Both Cebu province’s assets and net equity grew. In terms of assets, it increased from P213 billion in 2020 to P215 billion in 2021. 

Its equity also rose from P208 billion to P209 billion. 

Cebu is also the only province in the country whose assets reached over P200 billion. 

It can be recalled that Cebu’s total assets grew by more than 400 percent in 2019 after the Capitol decided to reappraise the value of all province-owned real properties, most of which were located in prime locations. 

Other Cebu LGUs 

Aside from Cebu province, other local governments here also made it to the Top 10 Richest Cities in terms of assets. 

The capital Cebu City landed on the sixth spot in the Top 10  Cities with the Highest Amount of Assets in COA’s 2021 Annual Financial Report, with assets totaling to P33.3 billion. 

It was followed by Mandaue City at the seventh spot, with assets amounting up to P33 billion.

However, only Mandaue City made it to the list of Top 10 Wealthiest Cities when it comes to net equity as Cebu City’s liabilities worth approximately P17.7 billion ate up half of its assets. 

Mandaue City was ranked fifth in the Top 10 Wealthiest Cities in Equity, at around P32 billion. 

Quezon City is at the top in both assets and net equity.

/bmjo

READ MORE:

Cebu still wealthiest province in PH for 7th consecutive time

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TAGS: 2021 Annual Financial Report, cebu news, Cebu richest province, COA, Philippine provinces

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