Cebu maintains ‘richest province’ title

Cebu City, Mandaue among top 10 wealthiest cities

By: Morexette Marie B. Erram - CDN Digital | October 11,2023 - 10:04 AM

CDN Digital File Photo

CEBU CITY, Philippines – Cebu has maintained its title as the ‘richest province’ in the country, based on the latest annual financial report from the Commission on Audit (COA).

In the Annual Financial Report for Financial Year 2022 for Local Government Units from COA, Cebu posted assets amounting to over P235 billion.

This is the ninth consecutive time Cebu topped the list of wealthiest provinces in the Philippines.

In terms of equity, Cebu province also emerged as the wealthiest. Cebu’s equity, which is the difference between assets and liabilities, for 2022 was at P230,916,978,000.

Cebu posted P4,821,439,000 as its liabilities for 2022.

The same data from COA also showed that Cebu’s total assets grew, by approximately 12 percent. Last year, the province recorded assets worth P209 billion.

Wealthiest cities

Meanwhile, two of Cebu’s largest cities – Mandaue and the capital Cebu- were also included in the list of Top 10 wealthiest cities, the same COA report showed.

Mandaue landed on the 6th spot after posting assets of over P34 billion while Cebu City on the 8th spot with P30 billion. Both were the only local governments outside of Metro Manila in the list of top 10 richest cities.

READ MORE: Cebu City named most improved highly urbanized city

Quezon City in Metro Manila also remained as the wealthiest city in the Philippines, with assets worth more than P443 billion.

Aside from Quezon City, the top 10 wealthiest cities in the Philippines for 2022 were Makati at 2nd (P239.5 billion); Manila at 3rd (P77.5 billion); Pasig at 4th (P52.2 billion); Taguig at 5th (P40.8 billion); Mandaluyong at 7th (P32.5 billion); Parañaque at 9th (P27.4 billion), and Caloocan at 10th (P27.2 billion).

See below the list of Top 10 wealthiest cities in the Philippines for 2022.

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Richest provinces

Next to Cebu, Rizal province ranked as the second wealthiest province in the Philippines, with an estimated P35.6 billion in assets. It was followed by Batangas with approximately P32 billion in assets.

On the fourth and fifth spots were Davao de Oro and Ilocos Sur respectively. Davao de Oro’s assets in 2022 were worth P23.1 billion while Ilocos Sur has P21.6 billion.

Others who made it to the top 10 wealthiest provinces for 2022 were Ilocos Sur at 6th (P21.6 billion); Bukidnon at 7th (P21 billion); Iloilo at 8th (P20 billion); Negros Occidental at 9th (P19.4 billion), and Cavite (P19.3 billion).

It can be recalled that Cebu breached the P200-billion mark in assets in 2019, when the provincial government decided to reappraise the value of its real properties.

See below the list of Top 10 wealthiest provinces in 2022.

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