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CEBU CITY, Philippines – With assets close to P7 billion, Toledo City in western Cebu is the wealthiest local government in the province.
The Commission on Audit (COA) recently released the Annual Financial Report for 2022 for Local Government Units (LGUs).
In it, state auditors revealed the financial performance of all 120 LGUs in the government for last year, with Cebu province and Quezon City in Metro Manila still the richest local governments in the country.
READ MORE: Cebu maintains ‘richest province’ title
The cities of Cebu and Mandaue were also included in the list of Top 10 wealthiest cities in the Philippines with assets worth P30 billion and P34 billion respectively.
CDN Digital analyzed data from COA’s Annual Financial Report for 2022 for Local Government Units (LGUs) to determine which localities here have the highest assets, liabilities, and equity.
Toledo at no. 1
While the tri-cities of Cebu, Mandaue, and Lapu-Lapu ruled the list of localities in Cebu island with the highest assets, in terms of LGUs in the province, Toledo City emerged at the number one spot.
READ MORE: What made Cebu richest province in 2019?
The tri-cities are classified as Highly Urbanized Cities (HUCs) and governed independently from the provincial government.
Toledo City’s assets in 2022 amounted to P6,959,673,000. It also has the highest equity, which is the assets left after liabilities, at approximately P5.1 billion.
Next to Toledo City is its neighbor Naga City, with assets at P4.6 billion.
Carcar City came in third with assets worth P3.9 billion.
See below the list of the top 20 wealthiest local government units (LGUs) in Cebu island, including the tri-cities.
All LGUs in the list of top 10 richest localities in Cebu province are located in Metro Cebu, considered the center of commerce and trade in the island province.
/bmjo