CEBU CITY, Philippines – For the 10th consecutive time, the province of Cebu remains the richest in the Philippines as it posted over P300 billion in net equity for the year 2023.
Data from the Annual Financial Report of the Commission on Audit (COA) revealed that Cebu still topped the list of provinces with the highest equity, at approximately P303.4 billion.
Equity refers to the value when liabilities are subtracted from assets.
Cebu’s assets for 2023 was valued at around P309 billion, the highest among all provinces in the country. Meanwhile, the province’s liabilities amounted to P6.5 billion.
Aside from Cebu, the top 10 wealthiest provinces in the country for the fiscal year 2023 are the following.
- Cebu – P303,445,410,000
- Rizal – P37,261,683,000
- Camarines Sur – P27,787,382,000
- Batangas – P27,132,594,000
- Davao De Oro – P21,828,464,000
- Cavite – P19,709,049,000
- Bukidnon – P19,471,216,000
- Pampanga – P17,063,289,000
- IlocosSur – P16,698,081,000
- Iloilo – P16,072,538,000
Much of Cebu’s assets were in the form of real estate.
The provincial government has since attributed the ‘skyrocket increase’ to their decision to do a reappraisal on their real estate properties. .
The province also saw an increase in its asset value for 2023, up by 31 percent from the P235.7 billion it recorded in 2022.
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